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Henry has a defined benefit plan that promises a 2.5% annual retirement benefit based on the average of his last five years of salary. At retirement Henry has 21 years of service and an average salary over the last five years of $95,000. What will his annual benefit be?

Respuesta :

Mamasu
The annual benefit is the 2.5% of the average salary over the last five years. That is 
     [tex]annual\:benefit=0.025\left(95000\right)=2375[/tex]

Therefore, the annual benefit is $2,375

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