It is now January of 2057. You have achieved your goal of funding your retirement account with $2,000,000. You have decided to retire. You wish to convert your $2,000,000 to a "lifetime annuity" which will provide you with a monthly payment for the rest of your life. You wish this payment to begin in one month after you fund your annuity. You talk to a financial advisor who informs you that annuity products are paying interest at 3% per year. You consult the U.S government mortality tables and find that your gender and age, your expected remaining life is 18 years and four months.

Based on this information, what would you expect your monthly payment to be?

Assuming that inflation will be 3%/ year over your working life, what is the value of your monthly annuity paymeny in today's dollars?