Question $5$

$\frac{0}{1}$ pt $04$:$2$

Details

A $55-$year$-$old man deposits $$20,000$ to fund an annuity with an insurance company. The money will be invested at $8\%$ per year, compounded semiannually. He is to draw semiannual payments until he reaches age $69.$ What is the amount of each payment? $($Round your answer to the nearest cent.$)$