Pendulum Enterprises has a defined benefit plan. Employees receive a pension equal to 2% of the average of the highest 5 years of salary and based on years of service. On December 31, 2020, the fair value of the pension assets in the plan is $10.7 M, although pension contributions were in excess of $12.5 M, and the estimated pension obligation is $12.3M.

Mary-Lou is considering retirement but wants to know how much she is entitled to receive under this defined benefit plan. Her 5 years' highest average earnings are $67,500 and she has 30 years of service. What is her annual pension benefit? (place value without a $ sign in the space below)