Question 3 Mr. Young who just attends 22 year old contributes $1,000 at the end of each month into a pension fund. The contribution increase 5% every year. When he attends the age of 65, he withdraws all the money from his pension fund. He uses that money to buy a 15-year annuity-immediate with annual payout. Suppose the calculation based on the effective interest rate 8%. Calculate the amount of the annual payout 11 marlal