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Every other year during the last 30 years, Felix Katz's grandparents deposited $15,000 in an investment account on his behalf, with the last of the 15 deposits occurring on February 17, 2012. The money invested in Felix's account has grown at an annual rate of 14 percent per year (as of February 17, 2012). Over the next 20 years, beginning on February 17, 2013, Felix plans to make yearly withdrawals from this account to supplement his rather modest salary as a little league baseball umpire. Felix's investment advisor has recommended that
the assets in his investment account be re-invested in high-yield corporate bonds that pay interest at a semiannually compounded rate of 8.2 percent. Assuming that that the prices of goods and services are expected to increase at an annual rate of 5 percent per year over the
next 20 years, and that Felix wants his supplemental income stream to provide a constant level of purchasing power, determine the initial supplemental income payment that Felix can withdraw from the investment account.

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