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Assume that 25 years ago your dad invested $220,000, plus $29,000 in years 2 through 5,...

Assume that 25 years ago your dad invested $220,000, plus $29,000 in years 2 through 5, and $50,000 per year from year 6 on.

Determine the annual retirement amount that he can withdraw forever starting next year (year 26), if the $50,000 annuity stopped at year 25. The interest rate being 15% per year.

The annual retirement amount is determined to be $ ____

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