Mrs. Kirkpatrick (age 65) is about to begin receiving a CPP retirement pension of $11,000 per year. This pension is indexed to the Consumer Price Index (CPI). Assume that the annual pension will be paid in a single year-end payment, the CPI will rise 3% per year, and money is worth 5% compounded annually. What is the current economic value of

a. 20 years of pension benefits?

b. 25 years of pension benefits?