1. To prepare for retirement you are setting aside $250 per month for the next 30 years and can earn 5.5 percent annual interest. Suppose in 30 years you can buy an annuity that will pay you in monthly installments for 25 years after your retirement, and you expect to earn 4 percent annual interest at that time. How much will you receive each month from this investment opportunity when you retire? Assume all payments occur at the end of each month.