Mickey Mouse was injured in a work accident on a roller coaster and as a result is entitled to some compensation. The insurance company has offered him the choice of an annual payment each year for the next 20 years, with the first payment being made today, or a lump sum payment now of $1.5 million. If a fair return is 3.5% p.a., how large must the annual payment be to leave him as well off financially as with the lump sum?