|Consider a retired gentleman who starts to collect his Social Security benefits at the age of 66. The monthly check would be close to $2,460. Assuming that his interest rate is 6% compounded monthly, answer the following questions: (a) If he lives 20 years after retirement, what would be the equivalent total Social Security benefit collected? (b) If he lives 40 years after retirement, what would be the equivalent total Social Security benefit collected? (c) Suppose he lives forever. What would be the total amount collected? Now, comparing this answer with that in (b), what can you conclude?|
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