Zaman Silam Bhd have $500$ employees with an average salary of $$3,000$ per month.

Their average age are $30.$ The company is planning to start an Endowment scheme as

the company pension scheme for all the company$$s employees. The period of

investment is expected to be for $30$ years before the first batch of employees will go for

retirment.

The company is going to set aside a salary deduction system to deduct $50\%$ of the

required installment for the endowment scheme. The installment payment will be

invested in the endowment scheme with a target to achieve a capital endowment

sufficient to generate income to take care of the pension payment at $50\%$ of the last

drawn salaries expected to averaged at RM$10,000$ in $40$ years time. A fund

management with a good reputation had assured that the endowment fund will generate

an average return at $6\%$ per annum.

$1.$ Estimate the monthly installment required by the company to the endowment fund