Joan Daly is age 38 today and plane to retire on her 60 0h birthday.

Joan Daly is age 38 today and plane to retire on her 600h birthday. With future inflation, Joan estimates that she will require around $1,800,000 at age 60 to ensure that he will have a comfortable life in retirement. She is a single professional and believes that she can contribute $3,600 at the end of each month, starting in one months' time and finishing on her 60th birthday.

i)              Using the entire fund balance, Joan then wishes to commence a monthly pension payable by the fund starting one month after her 60th birthday, and ending on her 85th birthday, after which she expects that the fund will be fully expended. If the fund continues to earn the above return of 5.4% per annum, compounded monthly, how much monthly pension will Joan receive, if the fund balance reduces to zero as planned after the last pension payment on her 85th birthday?