Rebeccah is 65 and has just retired. She can select a pension of $1745 payable at the end of each month guaranteed for the rest of her life, but not indexed for inflation, or take a lump sum of $312,000. Assume she can invest the lump sum at 6% per year, compounded monthly, and draw the same income as the pension. If she lives to be 95 years old, which is the better choice?