5. Using a Spreadsheet to Calculate Pension Benefit Payments: ece Your employer uses a final pay formula to determine retirement payments to its employees. You have 20 years of service at the company and are considering retirement some time in the next 10 years. Your employer uses a final pay formula by which you receive an annual benefit payment of 4 percent of your average salary over the last three years of service times the number of years employed. Calculate the annual benefit if you retire now, in 2 years, 5 years,8 years, and 10 years using the estimated annual salary during the last three years of service listed below. (LG 18-2) Retire Now In 2 years In 5 years In 8 years In 10 years Average Salary $50,000 51,005 52,551 54,143 55,231 The Payment Will Be 50,000 x 0.04 x 20 = $40,000 51,005 x 0.04 x 22 = $44,884 52.551 x 0.04 x 25 = $52,551 54,143 x 0.04 x 28 = $60,640 55,231 x 0.04 x 30 = $66,277 => 5. Using a Spreadsheet to Calculate Pension Benefit Payments: ece Your employer uses a final pay formula to determine retirement payments to its employees. You have 20 years of service at the company and are considering retirement some time in the next 10 years. Your employer uses a final pay formula by which you receive an annual benefit payment of 4 percent of your average salary over the last three years of service times the number of years employed. Calculate the annual benefit if you retire now, in 2 years, 5 years,8 years, and 10 years using the estimated annual salary during the last three years of service listed below. (LG 18-2) Retire Now In 2 years In 5 years In 8 years In 10 years Average Salary $50,000 51,005 52,551 54,143 55,231 The Payment Will Be 50,000 x 0.04 x 20 = $40,000 51,005 x 0.04 x 22 = $44,884 52.551 x 0.04 x 25 = $52,551 54,143 x 0.04 x 28 = $60,640 55,231 x 0.04 x 30 = $66,277 =>