Answer:
You can afford to spend 241,759.20 each year
Step-by-step explanation:
Use the Annuity Formula
A=PV/(1-(1+r)^-N)/r
(1-(1+r)^-N)/r=1-(1+7%)^-30/7%
=1-(1+0.07)^-30/0.07
=(1-0.1313671171545898306 )/0.07
=12.40904118350585
A= 3,000,000/12.40904118
A=241,759.19852 (241,759.20 rounded to nearest hundredth)