Since the calculation of the employee and employer's required contribution to a defined benefit plan is not

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Question:

Since the calculation of the employee and employer's required contribution to a defined benefit plan is not done by calculating the contribution required for each employee, the government has devised a formula to calculate the PA for all types of defined benefit plans. What is this formula?

Apply the formula, if John's annual salary in 2020 was $ 50,000 and he earned 2% for that year of service.