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Problem 3: Calculating Social Security Benefits. Beth has earnings from age 18 to age 43 (25 years in total) and from age 47 to age

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Problem 3: Calculating Social Security Benefits. Beth has earnings from age 18 to age 43 (25 years in total) and from age 47 to age 67 (20 years in total). From age 18 to age 43, Beth's real earnings are $700 every month. From age 47 to 67, Beth's real earnings are $1,400 every month. Use the procedure described in the lecture notes to answer the following questions. a) What is Beth's AIME? (Take the 35-year average of monthly earnings.) b) What is Beth's PIA? (Use the PIA calculation rules in the lecture slides.) c) Beth retires exactly one year after qualifying for the full benefits amount. What are her monthly Social Security benefits in retirement? d) Repeat parts a) - c), but now calculate the AIME as the 40-year average of monthly earnings. If the results change, briefly explain why

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