Soong decided to retire in Canada and wants to receive a retirement income of $4000 at the beginning of every month for 15 years from her savings. If a bank in Vancouver is offering her an interest rate of 5% compounded annually, how much would she have to invest to receive her planned retirement income? What is the financial benefit for her to invest in a bank in Niagara Falls if they are offering her an interest rate of 5% compounded quarterly?

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