You deposit your inheritance of $500,000 into an account earning 5.3% interest per year compounded monthly. You intend to withdraw a fixed amount monthly for 16 years. What amount can you withdraw...

You deposit your inheritance of $500,000 into an account earning 5.3% interest per year compounded monthly.  You intend to withdraw a fixed amount monthly for 16 years.  What amount can you withdraw monthly in order to empty the account in the 16 years?

Give the answer to 2 decimal places, and do not use the $ sign in the answer box.

 Blank 1. Calculate the answer by read surrounding text. dollars