Mr. Garca wishes to retire when he turns 65. A financial institution offers you a pension plan that guarantees a monthly payment of 450 euros for 20 years, starting the month following your 65th birthday. In return, you must make an income of X euros each year in the pension plan until your retirement. You turn 35 today, the first income will be when you turn 36 and the last income will be when you turn 65. Assuming that the annual discount rate is 4%, calculate what would be the maximum value of X that you would be willing to pay each year.