Answer:
I will withdraw $1,441,542.
Explanation:
Wquivalent annual annuity is the amount equally received or paid with investment on a specified rate including interest and its compouding effect as well.
PV of Annuity (NPV) = Payment (EAA) × [ (1 − (1 + r)-n / r ]
22,570,000 = EAA × [ ( 1 − ( 1 + 4.84% )^-30 / 4.84% ]
22,570,000 = EAA × [ ( 1 − ( 1 + 0.0484 )^-30 / 0.0484 ]
22,570,000 = EAA × [ ( 1 − ( 1.0484 )^-30 / 0.0484 ]
22,570,000 = EAA × 15.65685
EAA = 22,570,000 / 15.65685
EAA = $1,441,541.56
EAA = $1,441,542
