Here is a question that many soon to be retirees are asking because this can be better than putting our money in a bank account: We are thinking about retiring. We have 250000 (250 thousand dollars) saved up. We can purchase an annuity that pays us annually at the end of each year for 20 years at 4% per annum (per year: the APR). How much will our annual payments be?

(TWO decimal places, NO commas, NO dollar signs ($))