Present Value of an Annuity. Lee Zorn wants to help his parents plan for their retirement. They’re about to retire and have built up a nest egg of 425,000. Lee would like to let his parents know how...

Present Value of an Annuity. Lee Zorn wants to help his parents plan for their retirement. They’re about to retire and have built up a nest egg of
425,000. Lee would like to let his parents know how much they could plan to withdraw from this fund each year over the next 25 years of retirement if they can earn 6 percent.