Siegfried Basset is $65$ years of age and has a life expectancy of $12$ more years. He wishes to invest $$20,000$ in an annuity that will make a level payment at the end of each year until his death. If the interest rate is $8\%,$ what income can $Mr.$ Basset expect to receive each year?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Annual income