A woman has an inheritance in a trust fund for family members left by her recently deceased father that will pay $50,000 at the end of each year indefinitely into the future. She has just turned 60 and does not think that this perpetuity-immediate meets her retirement needs. She wishes to exchange the value of her inheritance in the trust fund for one which will pay her a 5-year deferred annuity-immediate providing her a retirement annuity with annual payments at the end of each year for 20 years following the 5-year deferral period. She would have no remaining interest in the trust fund after 20 payments are made. If the trustee agrees to her proposal, how much annual retirement income would she receive. The trust fund is earning an annual rate of interest equal to 5%.