Joe just decided to retire from the University of Milwaukee after 30 years of service. As he goes through the retirement process, he learns the details of his defined benefit pension. UM offers its employees an annual retirement payment equal to 3% of their final three years' income times the number of years of service. His salary this year was $65,000, which was up from $62,500 and $60,000 in the prior two years. Based on this information, what annual benefit is Joe eligible to receive in dollars? Question 8 2 pts Although Joe is interested in the defined benefit offered by UM, he would also like to consider taking a lump sum with the first payment coming one year from today. If his life expectancy is 25 years from today and the prevailing market rate is 8.0%, what should the lump sum be if the annual defined benefit is $40,000 ? NOTE: The answer to the prior problem is NOT $40,000, but I am asking you to assume it is that