To finance the development of a new product, a company borrowed $$26,000$ at $10\%$ compounded monthly. If the loan

is to be repaid in equal annually payments over four years and the first payment is due one year after the date of

the loan, what is the size of the annual payment?

The size of the annual payment is $

$($Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places

as needed.$)$