7. You plan to have \( \$ 500,000 \) available when you retire. You want to liquidate that amount in retirement, so that you will receive equal amounts for \( 25 \) years. At the end of \( 25 \) years, the balance in the account will be \( \$ 0.00 \) .
If the retirement fund earns \( 6.25 \% \) interest compounded annually, how much will you receive each year? Assume an ordinary annuity.