3. Anton Chekhov, a playwright, invests $80,000 in a new theatre that is expected to increase in value by 9% per year for the next five years. At that time, he will sell the theatre and use the proceeds to purchase an annuity to receive an annual income for 10 years. Antons financial planner advises that interest rates at the time he will purchase the annuity will likely be 12%. Assuming that Anton receives his income in a single payment each year; how much will Anton receive each year if:

a. He receives his income at the start of each year?