Edward's normal retirement benefit at age 65 is 1 100 per month, with 600 continuing as a reversionary annuity to his spouse. If Edward's spouse dies before him, then Edward's benefit increases to 1500 per month. Edward is exactly 3 years older than his spouse. Find the value of the benefits to Edward and his spouse on the date of his retirement, given a^2 — 9-^^'

45^^ = 8.62 and 4^65 = ^-^-