Question: Mara has been working for 30 years at CIBC and is ready to retire this year at the end of December. The financial institution's pension

Mara has been working for 30 years at CIBC and is ready to retire this year at the end of December. The financial institution's pension plan is a Defined Benefit Pension Plan (DBPP). What will be her annual pension if she earns a pension based on a rate of 2% that is calculated using her average best three consecutive years of income? She has provided her salary for the last 7 years.

2014 $77,000

2015 $76,200

2016 $79,800

2017 $77,800

2018 $79,150

2019 $80,125

2020 $80,125

$46,900
$80,125
$47,880
$79,800
$26,600

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