1. You will make deposits of $1,000 at the beginning of each year for 35 years in your investment account. The first payment will be made today. After 30 years, you will immediately withdraw all money from the account to buy a retirement annuity for 30 years with equal annual payments (paid at year-end) from a life insurance company. If the annual rate of return for the deposit is 5% p.a. and that for the retirement annuity is 4% p.a., how much is the annual payment from the insurance company?