Case 2 Andrea's CPP ( 3 marks) In 31/2 years, Andrea will be 61 . Andrea is thinking that, in 31/2 years, she might retire only part-time. As a result, she is not sure she would take the CPP in 31/2 years. Andrea's father and grandfathers died in their mid-70s, but her mother and grandmothers lived to their late 80s. Assume the maximum CPP she is eligible to receive at the beginning of the year at age 65 is $15,000. If Andrea thinks she might live to age 90, should she take the CPP retirement benefit at age 61 or wait until age 65 ? What are both her options worth at the age 61 ? Use a discount rate of 3% to evaluate what the CPP annual cash flows will be worth. Show all calculations. Ignore taxes \& inflation