$(1$ point$)($Exercise $3\mathrm{.}20)$ A woman has an inheritance in a trust fund for family members

left by her recently deceased father that will pay $$50000$ at the end of each year

indefinitely into the future. She has just turned $47$ and does not think that this

perpetuity$-$immediate meets her retirement needs. She wishes to exchange the value of

her inheritance in the trust fund for one which will pay her a $18-$year deferred annuity$-$

immediate providing her a retirement annuity with annual payments at the end of each

year for $23$ years following the $18-$year deferral period. She would have no remaining

interest in the trust fund after $23$ payments are made. If the trustee agrees to her

proposal, how much annual retirement income would she receive? The trust fund is

earning an annual effective rate of interest equal to $5\mathrm{.}6\%.$

ANSWER $=$ $