Find the present value of the annuity necessary to fund the withdrawal given.

$300 per month for 20 years
Annuity earns 7% per year

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To find the present value of an annuity, you need to use the formula for the present value of an ordinary annuity:

PV = P * ((1 - (1 + r)^(-n)) / r)

Where:
PV = Present value of the annuity
P = Payment amount per period ($300 in this case)
r = Interest rate per period (7% per year / 12 months = 0.00583 per month)
n = Number of periods (20 years * 12 months = 240 months)

Now, let's calculate the present value:

PV = $300 * ((1 - (1 + 0.00583)^(-240)) / 0.00583)
= $300 * ((1 - (1.00583)^(-240)) / 0.00583)
= $300 * ((1 - 0.292884) / 0.00583)
= $300 * (0.707116 / 0.00583)
= $300 * 121.1089

Therefore, the present value of the annuity necessary to fund the withdrawal is $36,332.67.