1. Our friend Dr. Ima Ignoramus Twit who is the professor at Cucumber University has hired you to be his financial advisor for retirement purposes. As present retirement plan that Dr. Twit has under Cucumber University is not to the satisfaction, he is seeking for other supplement retirement plans.
Educators' Retirement System, aka ERS, gives the few choices for supplement retirement plans, one of which is the kind of mutual bonds which pays 7.2% compounded annually; and it accepts the pre-set exact amount of money for such the investments at the starting at the beginning of every fiscal year.
According to university records, Dr. Ima Ignoramus Twit still has ten more years of service before he retires. And based on the medical records, he forecasts that he can live for about twenty years after he retires.
Now, Ima would like to know what annual amount he has to invest in aforementioned ERS's choice for next ten years, so that he can begin withdrawing $6000 a year at the end of each of the retirement years, after which nothing will be left.