Recently, a newspaper reported on a 63-year-old General Motors retiree who was considering an offer from GM to buy out his pension, which pays him a level $4,854 a month for the remainder of his lifetime, for a lump sum of $818,000. Suppose that he wishes to base his decision on whether the offer would be advantageous assuming that he will live another 21 years exactly (the average life expectancy for men his age). At the time, the annual yield at which he could invest the money in medium term Treasury bonds was about 2.35%. Would he accept the offer? Back up answer with numbers, explaining what you do.