At the age of 20, you decide to start thinking about how you plan to save for retirement. You anticipate retiring when you are 67 years old. You have three options to consider. How much money will you have at retirement under each option?

1. Invest a lump sum today of $5,000 into an account that will earn 7.75%, compounded monthly, until you retire.
2. Starting now, make $200 monthly payments into an ordinary annuity that pays 8.5% for 25 years, then leave the balance in the same account until you retire.
3. Starting 15 years from now, you make $300 monthly payments into an ordinary annuity that pays 10% until you retire.
4. Choosing the highest one and assuming the interest rate remains the same, how much can you take out of the account each month to pay for living expenses if you expect to live until age 90?