At age 60, male life expectancy is 18.2 years. At the same age, female life expectancy is 21.7 years. If married, the joint life expectancy of two 60-year-olds is 26.0 years. if a pension fund earns 7% and is to be depleted at the end of the life expectancy, what is the percentage reduction in annual pension amount for taking a “joint survivor” pension payout, as apposed to a “single life” payout if:
(a) the pension is held by the male;
(b) the pension is held by the female.
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