Calculate annual payments into a savings account:
Mr. Jones intends to retire in 20 years at the age of 65. As, yet he has not provided for retirement income, and he wants to set up a periodic savings plan for this. If he makes equal annual payments into a savings account that pays 4 per cent interest per year, how large must his payment be to ensure that after retirement he will be able to draw $30,000.00 per year from this account until he is 80?