3. A family friend is planning her retirement from work in the U.S. She is 62 years old right now (time 0) and has the choice of taking her Social Security (a public pension program) in time 0, in time 4 or in time 8 according to the following schedule: I. Early retirement (Age 62 exactly) $1,400 per month for life II. Regular retirement (Age 66 exactly) $1,800 per month for life III. Delayed retirement (Age 70 exactly) $2,300 per month for life If her expected life expectancy is 90 years old (exactly), what are the present values of the choices? (Assume r= 3.5% (annual)) 3. A family friend is planning her retirement from work in the U.S. She is 62 years old right now (time 0) and has the choice of taking her Social Security (a public pension program) in time 0, in time 4 or in time 8 according to the following schedule: I. Early retirement (Age 62 exactly) $1,400 per month for life II. Regular retirement (Age 66 exactly) $1,800 per month for life III. Delayed retirement (Age 70 exactly) $2,300 per month for life If her expected life expectancy is 90 years old (exactly), what are the present values of the choices? (Assume r= 3.5% (annual))