How many dollars would be the retirement pension if the person at the age of 65 wants to change their lifetime life insurance to a retirement plan with a 10-year pension payment.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In a retirement plan, a 25-year-old person pays 35 years premium at the beginning of each year up to the age of 60, and from the age of 60, at the beginning of each year, a lifetime pension of $ 15,000 em 3% and a retirement bonus of $ 500,000 at age 60. Based on 3% annual interest and 1958 CSO mortality:

-> How many dollars would be the retirement pension if the person at the age of 65 wants to change their lifetime life insurance to a retirement plan with a 10-year pension payment.

 

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