3. When Sarah retires, she wishes to make a retirement income of $2500 per month. She has found a payout annuity that has 4.8% annual interest compounded monthly. She'd like to have this income for 30 years after she retires. What amount will she need to ini- tially deposit in the payout annuity to make this guar- anteed retirement income?

3. When Sarah retires, she wishes to make a retirement income of $2500 per month. She has found a payout annuity that has 4.8% annual interest compounded monthly. She'd like to have this income for 30 years 20x ANN WIIIIs after she retins. What amount will she need to initially deposit in the payout annuity to make this guarantecd retirement income