My answer is different but in the "same ballpark".
Please check my reasoning and my work.
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 $21,577.84
The Annuity Formula is: .
. . where: .
We have: .
Then: . ... total value after 27 years
This amount is allowed to accrue interest for the next 14 years.
Then its value will be: .
Then we can make annual withdrawls forever.
The account earns: . per year.
And that is the amount we can withdraw each year.