Allison works at a Bank. Her employer offers her a retirement pension plan which will be 1.75% of her average salary for the las

Question

2 years ago

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Allison works at a Bank. Her employer offers her a retirement pension plan which will be 1.75% of her average salary for the las

t five years of employment for every year worked. Allison is planning on retiring after working at the Credit Union for 32 years. Her salaries over the last five years are $70,000; $73,100; $75,200; $77,500; and $79,000. Calculate Allison's annual pension.

Mathematics

1 answer:

Law Incorporation [45] · Answer 1 · 2022-11-17T18:34:43+03:00

Law Incorporation [45]2 years ago

6 0

9514 1404 393

Answer:

$41,977.60

Step-by-step explanation:

Allison's average salary for the last 5 years is ...

(70 +73.1 +75.2 +77.5 +79)/5 = 74.96 . . . . thousand dollars

Then her annual pension is ...

1.75% × $74,960 × 32 = $41,997.60