3. [10 marks] A man aged 55 will put $1,000 into a fund at the beginning of each year for the next 10 years. The fund is credited with an annual effective interest rate of i(1) = 8%. Starting at age 65, he will receive a monthly annuity at the beginning of each month for the next 15 years. During this time, the fund will earn a nominal interest rate of i(12) = 6%. Assuming that the annuity payments exhaust the fund, what is the monthly amount of his annuity