Your aunt is 55 today and will be retiring at age 65. She will be eligible for annual social security payments until she dies. Unfortunately, she expects to die on her 75th birthday after collecting her annual social security check that day. Assume a 7% discount rate. You need to advise her to take one of two options:

1. Start taking payments of $11,032.71 with the first one arriving on her 65th birthday.
2. Start taking payments of $29,753.11 with the first one arriving on her 70th birthday.

Your advice will be based on which option has a higher present value as of her 55th birthday. Your answer will be the higher present value of the two options. (Hint...focus on how many payments each situation has...count them on your fingers if you have to...Should be a five figure number that looks like $15,000)