Question

Jennifer is excited to be retiring after 35 years of service as a high school English teacher. Over the past 35 years, Jennifer's average annual salary was $26,443. How much can Jennifer expect to receive on a monthly basis from Social Security, assuming she will receive 42% of her average annually?

Answer 1

Answer: $925.505

Explanation:

Given that,

Number of years of service = 35

Jennifer's average annual salary = $26,443

There is one assumption that she will receive 42% of her average annually.

Receive on a annually basis = 42% of $26,443

                                               = 0.42 × $26,443

                                               = $11,106.06

Jennifer expect to receive on a monthly basis = $\frac{Receive\ on\ annually\ basis}{12}$

                                                                             = $\frac{11,106.06}{12}$

                                                                             = $925.505