Question

An employer uses a final pay formula to determine retirement payouts to its employees. The annual payout is 3 percent of the average salary over the employees’ last three years of service times the total years employed. Calculate the annual benefit under the following scenarios.
Years Average Salary during the
Worked Last Three Years of Service
17 ............ $ 40,000
20 ............ 47,000
22 ............ 50,000



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  • CreatedJanuary 27, 2015
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