Find the Career Average Pay , which calculates its benefit as 1% of average career pay times
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Question:
Find the Career Average Pay, which calculates its benefit as 1% of average career pay times the number of years of service. (You will need to convert this amount to a monthly pension benefit amount.)
Find the Flat Amount per Year of Service, which accrues a benefit of $50 per month per year of service.
Pension Pay / Service History:
Year | Eligible Wages |
2008 | $60,000 |
2009 | $64,000 |
2010 | $69,000 |
2011 | $73,000 |
2012 | $78,000 |
2013 | $83,000 |
2014 | $88,000 |
2015 | $91,000 |
2016 | $95,000 |
2017 | $98,000 |
Total | $799,000 |
Related Book For
Fundamentals of Corporate Finance
ISBN: 978-0077861629
8th edition
Authors: Richard Brealey, Stewart Myers, Alan Marcus
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