Company XYZ provides a hybrid pension plan to its employees. At retirement, its employee receives whichever of the following with greater value: A whole life annuity with an annual payment of [2% times service year times average annual salary in the last three years of employment), payable at the beginning of each year. The total value of the contribution account. An employee entered the plan when he just turned 25, on January 1, 2012. You are given that: The contribution from the employee and the employer is 14% of the annual salary in total, paid at the end of each year. The salary scale is s_x = 1.05^x. Salary is increased every year, at the end of each calendar year. The retirement age is 65. His annual salary is $60,000 in 2012. The investment return on the contribution account is 6% per year. delta^12_65 = 10. What is the value of this employee's pension plan upon retirement