You enroll in a thrift plan in which you are allowed to contribute 8% of your pretax salary per year (disregard the effects of taxation). Your employer will contribute an additional 4%. Your starting annual salary is $73,000 and you can expect annual salary increases of 2.75%. Use an interest rate of 7.25% in all your calculations. All thrift plan deposits are annual end of year deposits. After 15 years at this employer, you change jobs, accepting employment at a company which doesn't have a thrift plan. After 10 years, you succeed in having this company start a thrift plan which is identical to that of your first employer. Calculate the equal annual retirement payment for a 20 year retirement after completing a 46 year employment.