Pam retires after 28 years of service with her employer. She is
66 years old and has contributed $78,750 to her employer’s
qualified pension fund. She elects to receive her retirement
benefits as an annuity of $7,875 per month for the remainder of her
life. Click here to access Exhibit 4.1 and Exhibit 4.2.

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Question: Pam retires after 28 years of service with her employer. She is 66 years old and has contributed …
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a. Assume that Pam retires in June 2016 and collects six annuity
payments this year. What is her income from the annuity payments in
the first year? $ ?.

b. Assume that Pam lives 25 years after retiring. What is her
income from the annuity payments in the twenty-fourth year? $
?.

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