Brian deposited $480 into an investment fund every month for 25 years to save for his retirement. Throughout the 25-year period, the investment fund paid 4.63% per annum compound interest, compounding monthly.

When he retired, Brian purchased an annuity that pays 5.64% per annum compounding monthly, from which he receives a monthly payment for 20 more years.

The monthly payment that Brian receives, correct to the nearest cent, is:

Select one: