As a newly hired assistant pofessor, you will be rquired to seect your preferred

As a newly hired assistant pofessor, you will be rquired to seect your preferred retirement based on the following 2 plans:1. The state’s defined benefit plan that will prvide annual retirement benfits determined by the formula 1.5% X years of servics X salary at retirement.2. A defined contribution plan under which the university will contribute each year an amount equal to 8% of your salary.In 2009, assume that you start with a salary of $100,000, wil receive a 3% raise each year, and the interest rate expected will be 6%. You plan to retire in 40 years and draw retirement pay for 20 years.Based on this numerical comparison, which plan will you choose? Why?
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