Janet is retiring after working for a major department store for 20 years. The company offered her a flat retirement benefit of $50 per year for each year of service.
a. What was her monthly income in the first year after retirement?
b. What was her annual income for the first year of retirement?
c. After one year of retirement, she received a 1.54% cost of living adjustment to her monthly pension benefit. What was her new monthly benefit?