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What age have to live to make their plans equally

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Problem 1: Earl E. Bird and Ivana Waite both celebrated their 66th birthday today. Both of them qualify to receive Social Security checks now. Earl has decided to start receiving his monthly checks $3,000 right away {Starting at month 1}. each birthday into a saving investment earning a 0% compound annual rate of interest. Ivana Waite will wait 40 months to receive the maximum monthly Social Security checks at $4000. What age they have to live to make their plans equally good using a nominal rate of 6% compounded monthly?

Option 1: None of them

Option 2: 97.83 years

Option 3: 82.00 years

Option 4: 108.37 years

Option 5: 91.67 years

Reference no: EM132822745

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