Question 1 [6] A long-time friend approaches you for assistance with setting up a retirement annuity. They plan to have available to them R 500,000 when retiring 15 years from now. 1.1 If the fund earns 5% per year compounded monthly, determine their required monthly contribution to the fund. [3] 1.2 After retiring your friend moves the R 500,000.00 to an account earning per year. Determine the amount they can withdraw every year (Guaranteed) for the rest of their life. [3] Question ? 131