Question: An engineer is thinking of starting a part-time consulting business next September 5,on his 40 birthday. He expects the business will require an initial cash outlay of $5000, to come from is savings, and will cost $500 per year to operate; the business ought to generate $2000 per year in cash receipts. During the 20 years that he expects to operate the business he plans to deposit the annual net proceeds in a bank each year, at an interest rate(f8% per year, compounded annually. When he retires, on his 60th birthday, the engineer expects to invest whatever proceeds plus interest he then has from the business in a long-term savings plan that pays 10% per year, compounded annually. What is the maximum amount he could withdraw from the savings plan each year during his retirement and still have the funds last 15 years.