Annual deposits of $1,500 are placed into a fund for the next 27 years. Beginning 14 years after the last deposit annual payments commence and continue forever. Find the annual payment to the two decimal places if the fund earns 7% effective.
The answer I got was 21577.84, but I'm unsure of my steps. Can anyone confirm whether that is the answer or not? If not, could you please tell me how to solve it the correct way?