Question 1:

Problem 13-53 (L013-1) (Static) Haley has an annual salary of $1,000,000 in 2019, 2020, and 2021. She is thinking about retiring at the beginning of 2022 after working for XYZ Corporation and participating in XYZ Corporation's defined benefit plan. If XYZ Corporation's defined benefit plan pays employees 3 percent for every year of service for the average of their three highest years of compensation, what is the minimum number of years of service that would maximize Haley's benefit if she were to retire at the beginning of 2022? Assuming she worked the minimum number of years to receive the maximum benefit, what would her annual defined benefit plan payment be in retirement? Note: Round your final answers to the nearest whole dollar amount. Minimum number of years of service '-- Payment under annual defined benefit plan '-- \f\f\f5.0% 6.0% 7.0% 8. 0% 9.0% 10.0% 11.0% 12.0% 13. 0% 14.0% 15 . 0% 20.0% 25.0% 05000 1 . 06000 1 . 07000 1 . 08000 1 . 09000 1 . 10000 1 . 11000 1 . 12000 1 . 13000 1 . 14000 1 . 15000 1 . 20000 1 . 25000 . 10250 1 . 12360 1 . 14490 1 . 16640 1 . 18810 1. 21000 1 . 23210 1 . 25440 1 . 27690 1 . 29960 1 . 32250 1 . 44000 1 . 56250 . 15763 1 . 19102 1 . 22504 1 . 25971 1 . 29503 1. 33100 1. 36763 1 . 40493 1. 44290 1 . 48154 1 . 52088 1 . 72800 1. 95313 . 21551 1 . 26248 1 . 31080 1 . 36049 1 . 41158 1 . 46410 1 . 51807 1 . 57352 1 . 63047 1 . 68896 1 . 74901 2 . 07360 2 . 44141 27628 1. 33823 1 . 40255 1 . 46933 1 . 53862 1 . 61051 1 . 68506 1 . 76234 1 . 84244 1 . 92541 2 . 01136 2. 48832 3 . 05176 . 34010 1 . 41852 1 . 50073 1 . 58687 1 . 67710 1 . 77156 1. 87041 1. 97382 2 . 08195 2 . 19497 2 . 31306 2. 98598 3. 81470 . 40710 1 . 50363 1 . 60578 1 . 71382 1 . 82804 1. 94872 2 . 07616 2 . 21068 2. 35261 2 . 50227 2 . 66002 3 . 58318 4. 76837 . 47746 1 . 59385 1 . 71819 1 . 85093 1. 99256 2. 14359 2. 30454 2. 47596 2 . 65844 2. 85259 3 . 05902 4 . 29982 5 . 96046 . 55133 1 . 68948 1 . 83846 1 . 99900 2. 17189 2. 35795 2 . 55804 2. 77308 3 . 00404 3. 25195 3 . 51788 5 . 15978 7 . 45058 . 62889 1 . 79085 1 . 96715 2. 15892 2. 36736 2. 59374 2. 83942 3. 10585 3. 39457 3. 70722 4 . 04556 6. 19174 9. 31323 . 71034 1 . 89830 2 . 10485 2. 33164 2. 58043 2 . 85312 3 . 15176 3. 47855 3 . 83586 4. 22623 4 . 65239 7. 43008 11 . 64153 79586 2 . 01220 2 . 25219 2 . 51817 2 . 81266 3. 13843 3 . 49845 3 . 89598 4. 33452 4. 81790 5 . 35025 8 . 91610 14 . 55192 . 88565 2. 13293 2 . 40985 2. 71962 3 . 06580 3. 45227 3. 88328 4. 36349 4. 89801 5 . 49241 6. 15279 10 . 69932 18. 18989 97993 2 . 26090 2. 57853 2. 93719 3. 34173 3. 79750 4. 31044 4. 88711 5. 53475 6. 26135 7. 07571 12 . 83918 22. 73737 07893 2. 39656 2 . 75903 3. 17217 3 . 64248 4. 17725 4. 78459 5. 47357 6 . 25427 7. 13794 8 . 13706 15 . 40702 28. 42171 . 18287 2. 54035 2. 95216 3. 42594 3. 97031 4. 59497 5. 31089 6. 13039 7. 06733 8. 13725 9. 35762 18 . 48843 35 . 52714 . 29202 2. 69277 3 . 15882 3. 70002 4. 32763 5 . 05447 5. 89509 6 . 86604 7. 98608 9 . 27646 10 . 76126 22 . 18611 44 . 40892 . 40662 2 . 85434 3. 37993 3. 99602 4 . 71712 5 . 55992 6.54355 7. 68997 9 . 02427 10 .57517 12 . 37545 26 . 62333 55 . 51115 . 52695 3 . 02560 3. 61653 4. 31570 5. 14166 6. 11591 7. 26334 8. 61276 10 . 19742 12 . 05569 14 .23177 31 . 94800 69 . 38894 . 65330 3 . 20714 3. 86968 4 . 66096 5 . 60441 6. 72750 8 . 06231 9 . 64629 11 . 52309 13 . 74349 16 . 36654 38.33760 86 . 73617 . 38635 4 . 29187 5 . 42743 6. 84848 8 . 62308 10 . 83471 13 . 58546 17 . 00006 21 . 23054 26 . 46192 32 . 91895 95 . 39622 264 . 69780\f\f