8) Dear Financial Adviset, My spouse and 1 are ench 62 and hepe to retire in three years. Afer retirement we will receive $7,600 per month after taxes froer our ensployers' pension plans and S1,600 per month after taxes from Socinl Security. Unforturately, our monthly living expenses aro \$15,100. Our social obligations preclude further economies We kave $1,010,000 invested in a high-grade, tax-free municipal-bond mutual fund. The return on the fund is 4.0% per year. We plan to make amneal withdrawals from the mutual fund to cover the difference between our pension and Social Security iticome and our living expenses. Sincersly, Lixury Challenged Marblehend, MA You can assume that the withdrawals (one in the beginning of every yeat) will sit in a checking account until spent. The couple will use the account to cover the monthly shortfalls How many years before Luxury Challenged runs out of money? 9) As winner of a breakfust cereal competition, you can choose one of the following prizes: If the interest rate is 15%, which prize will you chose and why