Sam is thinking of retiring from his job after many years of faithful service. During the last 35 years at his job, his annual s

Question

3 years ago

14

Sam is thinking of retiring from his job after many years of faithful service. During the last 35 years at his job, his annual s

alary averages to $37,991. Every month, his bills total $1,755. How much money would Sam need each month to supplement his monthly Social Security benefit (assuming his annual benefit is 42% of his salary average) and still be able to pay his bills?

Mathematics

2 answers:

Tresset [83] · Answer 1 · 2022-08-12T18:09:25+03:00

Tresset [83]3 years ago

8 0

Annual Social Security benefit = 0.42 x $37,991 = $15,956.22
Annual bills = $1,755 x 12 = $21,060
Outstanding annual bill to be settled after using the Social Security benefit = $21,060 - $15,956.22 = $5,103.78
Monthly supplementary money needed = $5,103.78/12 = $425.32

mrs_skeptik [129] · Answer 2 · 2022-08-12T19:43:50+03:00

mrs_skeptik [129]3 years ago

3 0

Answer:

At least $425.32

Step-by-step explanation: