(e) Deferred Annuities

Jack won a contest that paid $100,000. He deposited it into an investment paying 8%, compounded monthly. If he leaves the money in the account for 30 years, what monthly withdrawal can he make from the account for 20 years, if the account is to be exhausted at that time?

Assume the first withdrawal occurs 30 years and one month from the date Jack wins the contest.

Using HP 10bII