Question: Earl E. Bird has decided to start receiving his Social Security monthly checks of $3000 as soon as he qualifies (from the first month after

Earl E. Bird has decided to start receiving his Social Security monthly checks of $3000 as soon as he qualifies (from the first month after his 66th birthday). Ivana Waite, same age as Earl, decided to wait another 4 years, so she could receive the maximum monthly payment of $4000 (from the first month after her 70th birthday). Using the average life of 85, at what nominal rate (compounded monthly) Earl and Ivana are equally good?

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