Solve for payment $($Professor annuity$)$

Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $$103,436\mathrm{.}35,$ the firm will pay th retiring professor a set amount of money per year for $20$ years. If the interest rate on the annuity is $5\%,$ then what are the annual payments? $($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$