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You deposit $ 1 0 , 9 0 0 annually into a life insurance fund for the next 1 0 years, at which time you

You deposit $10,900 annually into a life insurance fund for the next 10 years, at which time you plan to retire. Instead of a lump sum, you wish to receive annuities for the next 20 years. What is the annual payment you expect to receive beginning in year 11 if you assume an interest rate of 5 percent for the whole time period? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g.,32.16))

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