Assume your uncle saves $100,000 in his pension fund which pays 5 percent annual interest. He plans to withdraw the money at the end of each month after he retiree. If he plans to spend the saving in one year, how much is the monthly expenditure? If he plans to spend the saving in ten years, how much is the monthly expenditure? If he plans to withdraw the money at the beginning of each month in ten years after he retiree. What will happen?