Finance - Life annuity

Suppose Mary has $500,000 that she will use to buy a life annuity. The annuity will pay her yearly income until she passes away. The payments are made at the end of each year. Assume that the last annuity payment will occur at the end of the year in which she dies. How much is the yearly annuity payment? [Assume that the interest rate is 3% pa., monthly compounding. Be careful with this because the annuity income is made once a year.]