Richard Gorman is 65 years old and about to retire. He has $420,000 saved to supplement his pension and Social Security and would like to withdraw it in equal annual dollar amounts so that nothing is left after 15 years. How much does he have to withdraw each year if he earns 9 percent on his money? If he earns 9 percent on his money, the amount he will have to withdraw each year is $ . (Round to the nearest cent.)

Quick computing currently sells 12 million computer chips each year at a price of $19 per chip. it is about to introduce a new chip, and it forecasts annual sales of 22 million of these improved chips at a price of $24 each. however, demand for the old chip will decrease, and sales of the old chip are expected to fall to 6 million per year. the old chips cost $10 each to manufacture, and the new ones will cost $14 each. what is the proper cash flow to use to evaluate the present value of the introduction of the new chip? (enter your answer in millions.)