Clark Industries has a defined benefit pension plan that specifies annual, year-end retirement benefits equal to:

1.3% Service years Final years salary

Stanley Mills was hired by Clark at the beginning of 2005.

Mills is expected to retire at the end of 2049 after 45 years of service.

His retirement is expected to span 15 years. At the end of 2024, 20 years after being hired, his salary is $96,000.

The companys actuary projects Millss salary to be $430,000 at retirement. The actuarys discount rate is 6%.

For all requirements, round final answers to the nearest whole dollars. Do not round intermediate calculations. Use Excel, or a financial calculator.

Required:

Estimate the amount of Stanley Millss annual retirement payments for the 15 retirement years earned as of the end of 2024.