If no other specification is made, assume the annuity is an ordinary annuity (with deposits/payments made at the end of each compounding period).
Upon accepting his new job, ACME Hair Products Inc. put $925,000 in a retirement account for Palmer. It pays 5.6%, compounded monthly. Palmer cannot withdraw any of this money for 20 years while it continues to earn interest.
Palmer intends to make monthly withdrawals for 18 years once he retires. How much will he be able to withdraw each month? (Round your answer to the nearest cent.)
$__________