Your uncle consults with you about his retirement 10 years from now. He currently has $1 million to invest. Over the next 10 years he will withdraw $20,000 from his investments every year(withdrawals done at the end of the year). Withdrawals for each year are made at the end of each year. What is the present value of the $20,000 per year over the next 10 years at a discount rate of 7%?

Explanation: Straightforward Annuity calculation