Problem 3 (12 points) Jughead Jones is currently 30 years old and is planning for his retirement. He plans to make 40 payments into a retirement plan, retire at age 70 (right after making his last payment), and receive an annual benefit payment (pension) for the following 15 years, i.e., until he is 85. He is planning for his first contribution of $5,000 to occur one year from today, and he wants his contributions to grow at a rate of 6% per year. He expects to earn a return of 9% on his investments while he is working, and then expects to earn 4% a year in retirement. He would like his benefit payments in retirement to grow at 1.5%, to keep up with inflation. Determine (to the nearest dollar) the amount of his first benefit payment, which will occur at age 71. (SHOW YOUR WORK.)