Question: please show work ! (actuary study question) 11. Justin elects to receive his retirement benefit over 15 years at the rate of 3,000 per month

please show work ! (actuary study question)

11. Justin elects to receive his retirement benefit over 15 years at the rate of 3,000 per month beginning one month from now. The monthly benefit increases by 2.5% each year. At a nominal interest rate of 6% convertible monthly, calculate the present value of the retirement benefit. A. $ 413,519 B. $ 423,519 C. $ 433,519 D. $ 443,519 E. $ 453,519

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