An employee with 25 years of service at a company is con- sidering retirement at some time in the next 10 years. The employer uses a final pay benefit formula by which the employee receives an annual benefit payment of 2 percent of her average salary during her last five years of service times her total years employed. The employees average salary over the last 5 years of service is as follows:

Average Salary during Last Five Years of Service

Retire now $125,000

Retire in 5 years 135,000

Retire in 10 years 140,000

Calculate the annual benefit payment for retirement now, in 5 years, and in 10 years.