Question 1 [8 marks] A 50-year old person buys a 20-year term annuity contract for a single upfront premium of $670,000. Interest earnt by the insurance company is assumed to be 5% over the life of the contract. Assume the annuity is paid at the end of each year for the entire term. Find out the amount paid each year for the given price? Assume that non-select mortality applies and there is an annual fee of $10 which is paid at the time of the annuity payment. Give the annuity payment amount rounded to the nearest $1