James has been employed by ABC Co.Ltd, drawing an annual salary of $120000, paid at the end of each year. He plans to work for five years before retiring. He buys a new home with mortgage repayments of $2800 per month for the next 20 years (payable at the end of each month), and donates $2000 per annum forever to his favourite charity. Assume an annual interest rate of 6% p.a, what annual amount, in present value terms, can James withdraw for the first five years of his retirement from the remainder of his savings?