When Marry graduated from Oxford University in 2017 and went to work for MAE Systems as an industrial engineer, she did not pay much attention to the monthly payroll deduction for individual pension. It was a necessary evil that may be helpful in retirement years. However, this was so far in the future that she fully expected this government retirement benefit system to be broke and gone by the time she could reap any benefits from her years of contributions. This year, Marry and John, another industrial engineer at MAE, got married. Recently, they both received notices from the Social Security Administration of their potential retirement amounts, were they to retire and start social security benefits at preset ages. Since both of them hope to retire a few years early, they decided to pay closer attention to the predicted amount of retirement benefits and to do some analysis on the numbers. They found that their projected benefits are substantially the same, which makes sense since their salaries are very close to each other. Although the numbers were slightly different in their two mailings, the similar messages to Marry and John can be summarized as follows: If you stop working and start receiving benefits . . .

Alternative A: At you full retirement age (60 years), your payment would be about 1900 TL per month

Alternative B: Your payment would be about a reduction of 30% of 1900 TL for early retirement (age 55)

Alternative C: Your payment would be about an increase of 24% of 1900 TL for delayed retirement (age 65).

They realize, of course, that the numbers will change over time, based on their respective salaries and number of years of contribution to the social security system by them and by their employers. Marry and John are the same age (23). John determined that most of their investments make an average of an interest rate of 8% per year. With this as the interest rate, the analysis for the three alternatives is possible. Marry and John plan to answer the following questions, but dont have time this week. Can you please help them? (Do the analysis for one person at a time, not the couple, and stop at the age of 94)

What is the future worth at an interest rate of 8% per year of each plan at age of 94?