Clark industries has a defined benefit pension plan that specifies annual retirement benefits equal to: 1.2% × service years × final year’s salary stanley mills was hired by clark at the beginning of 1999. mills is expected to retire at the end of 2043 after 45 years of service. his retirement is expected to span 15 years. at the end of 2018, 20 years after being hired, his salary is $80,000. the company’s actuary projects mills’s salary to be $270,000 at retirement. the actuary’s discount rate is 7%. (fv of $1, pv of $1, fva of $1, pva of $1, fvad of $1 and pvad of $1) (use appropriate factor(s) from the tables provided.)

required:
(1) estimate the amount of stanley mills’s annual retirement payments for the 15 retirement years earned as of the end of 2018.
(2) suppose clark’s pension plan permits a lump-sum payment at retirement in lieu of annuity payments.