Question: Please show all work, and final calculations 17 In 2022, a person in the United States, who retired at full retirement age, received a maximum

Please show all work, and final calculations

17 In 2022, a person in the United States, who retired at full retirement age, received a maximum social security benefit of $3345 per month. (a) Determine the monthly benefit in 2025 if the cost of living adjustments (COLAs) are 1.5%,2.1%, and 2.7%, respectively, for the next 3 years. (b) Assuming a uniform annual inflation rate of 3% per year, determine if the monthly benefits in 2025 have more or less purchasing power in current-value terms, assuming the 3 years of COLA adjustments above

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