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