(14) Yuchen joined a pension plan on June 1, 2015 when she was hired at age 35. The plan provides an annual retirement pension of 0.5% of final average salary for each year of employment. The final average salary is defined as the average annual salary over the last 3 years before she retires on June 1, 2045 at age 65. Yuchen's current salary after the increase on June 1, 2020 at age 40 is 50,000 per year. Her annual salary will increase by 2% each subsequent June 1. Yuchen's retirement pension is payable at the beginning of each year for life with the first payment at age 65. On the basis of the Illustrative Life Table, with interest at the effective annual rate of 6%, calculate the actuarial present value at age 40 of Yuchen's annual retirement pension. Assume uniform distribution of deaths within the year of age. (14) Yuchen joined a pension plan on June 1, 2015 when she was hired at age 35. The plan provides an annual retirement pension of 0.5% of final average salary for each year of employment. The final average salary is defined as the average annual salary over the last 3 years before she retires on June 1, 2045 at age 65. Yuchen's current salary after the increase on June 1, 2020 at age 40 is 50,000 per year. Her annual salary will increase by 2% each subsequent June 1. Yuchen's retirement pension is payable at the beginning of each year for life with the first payment at age 65. On the basis of the Illustrative Life Table, with interest at the effective annual rate of 6%, calculate the actuarial present value at age 40 of Yuchen's annual retirement pension. Assume uniform distribution of deaths within the year of age