A 60-year old person buys a 20-year term annuity in arrears contract for a single upfront premium of $700,000. Interest earnt by the insurance company is assumed to be 6% over the life of the contract. The amount paid in the first 10 years is half that of the amount paid in the last 10 years. Find out the amount paid each year for the given price?

Assume that non-select mortality applies and there is an annual fee of $20 which is paid at the time of the annuity payment. Give the annuity payment amount rounded to the nearest $1.