Doris expects that she will live until age 90. Her unreduced pension would otherwise commence in January of the year when she was 60 years of age and would be payable at the beginning of each month. Doris could earn a return of 8% compounded monthly on her investments. If Doris terminates her employment now, she would be entitled to receive a pension of $24,927 per year commencing in the year that she turns 60. Ignoring inflation, what is the minimum lump sum payment that she would require to be better off accepting the lump sum versus the monthly pension? $101,077 $284,982 $100,407 $110,703