A local business owner has recently retired and is considering two annuity options offered by his life insurance company. (Note: both options pay at the end of the month.) 1. Purchase a life annuity that pays him $5,000 per month for as long as he lives. 2. Purchase a 20-year annuity paying $6,000 per month (payments will continue to his estate if he dies before 20 years). Required: Assuming a nominal or quoted interest rate of 7% per year that compounds monthly, how long must the retiree live in order to make the first option a better deal