An employee serves 37 years before retiring on a pension. His initial salary was 18,000 per year and increased by 4% each year. Assume that the whole year's salary is paid at the middle of each year. d) If he contributes 3% of his salary (at the time it is paid), matched by an equal contribution from his employer, to an account earn- ing annual interest at rate i =.06, and the accumulated value (at the end of his 37' year of employment) is used to purchase a 20-year annuity-due with annual payments, valued at i=.06, find the annual payment from the annuity.