Richard is nearing retirement. He will be 65 next year. He will like to purchase an annuity that will pay over his lifetime (average life expectancy in Canada for males is 81 years) a fixed income. If he deposits $100,000 at age 65 with an insurance company they have promised to pay a MONTHLY ANNUITY at the effective annual rate (EAR) of 7% per year. The average life expectancy that the insurance company uses for an individual at age 65 is 20 years. How much will be his monthly annuity?