A copper mine is expected to yield a constant annual income for the next 14 years, after which it will be sold for $3850. An investor wants an annual return on his investment of 16%, so he pays $348534.97 for the mine. If he can establish a sinking fund earning an annual interest rate of 8%, to which he pays an annual payment that will accumulate to his total outlay for the mine, what is the constant annual income from the mine?
Answer = $