Ivan is 37 years old and works for an IT company earning a monthly after-tax salary of $9,000. He plans to retire in exactly 28 years. To save for retirement he is considering investing an initial lump sum of $100,000. He will also invest 30% of his monthly salary at the end of each month. These investments are expected to earn 6.3\% per year, compounded annually. At retirement he plans to buy a 30 -year annuity that makes oneypayment at the start of each year. Assuming that the liscount rate on this annuity is 4.0% per annum compounded annually, how much vill Ivan receive each year on this annual annuity