Bonus Assignment: COMPARING SOCIAL SECURITY BENEFITS When Sheryl graduated from University and went to work for XYZ Inc., she did not pay much attention to the monthly payroll deduction for social security. 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. Recently, Sheryl received a notice from the Social Security Administration of her potential retirement amount, were she to retire and start social security benefits at preset ages. Assume that Sheryl will receive benefits till age 85. The information from this notice led Sheryl to define four alternative retirement plans: Plan A: Sheryl takes retirement at age 62 and receives $16,800 in annual benefits Plan B: Sheryl takes retirement at age 67 and receives $24,000 in annual benefits Plan C: Sheryl takes retirement at age 70 and receives $29,760 in annual benefits Plan D: Sheryl takes retirement at age 67 and initially receives $12,000 in annual benefits and then starts receiving $29,760 in annual benefits at age 70. Answer the following questions based on the above mentioned information: Q 1a) For how many years will Sheryl receive retirement benefits under Plan A? (2 points) Q 1b) For how many years will Sheryl receive retirement benefits under Plan B? (2 points) Q 1c) For how many years will Sheryl receive retirement benefits under Plan C? (2 points) Q 1d) For how many years will Sheryl receive $12,000 in annual benefits under Plan D? (2 points) Q 1e) For how many years will Sheryl receive $29,760 in annual benefits under Plan D? (2 points) Q 2a) What is the future worth at 6% per year of retirement plan A at age 85? (6 points) Q 2b) What is the future worth at 6% per year of retirement plan B at age 85? (6 points) Q 2c) What is the future worth at 6% per year of retirement plan C at age 85? (6 points) Q 2d) What is the future worth at 6% per year of retirement plan D at age 85? (10 points) Q 2e) Which retirement plan should be selected by Sheryl using future worth analysis (2 points)