(Solution) - A 60 year old woman can purchase either of the following annuities -(2025 Original AI-Free Solution)

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A 60-year-old woman can purchase either of the following annuities from a life insurance company for $50,000. A 30-year term annuity will pay $367 at the end of each month. A life annuity will pay $405 at the end of every month until the death of the annuitant. To what age must the woman survive for the life annuity to have the greater economic value? Assume that money can earn 8% compounded monthly.