Congratulations - you have secured your first job after graduating from Isenberg. Your employer is offering to pay out your signing bonus in one of two formats.

The first option is the amount of $5700 in 7 years. The second option is to receive the amount of $1800 immediately followed by some unknown annuity that is paid at the end of each year for 7 years with the first annuity payment received at the end of year 1. Using an interest rate of 3.50%, determine the unknown annuity amount for the second option that would make the present value of both options equivalent.