3. Suppose your employer offers a defined benefit plan based on the following formula: Years of service 1.85% Average salary over the last 3 years a. If you work for 41 years and, during the last 3 years of your work life, you make the following amounts in today's dollars thanks to promotions and raises in excess of inflation, what will you receive in today's dollars in your first year of retirement? $95,000$96,500$97.800 b. If you are 65 years old when you retire (you started work at 24 and completed 41 years of service) and inflation runs 2% each year, how much will you be living on in today's dollars at age 85? c. How much will you be living on in today's dollars at age 85 , if your employer's plan includes cost of living adjustments (COLAs) of 1.5% per year