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2. KPERS is the Kansas Public Employee Retirement System. This is a retirement system that takes 6% of the employee's pay and then every year have 4% added to the account once a year. (a) Someone makes $30,000 for one year. How much does the KPERS system take? How much interest is earned from this year? (b) That person that makes $30,000 each year for 30 years. Every year they have 4% of the account value added. How much does this person have in KPERS after 30 years? hint: do one year at a time

2. KPERS is the Kansas Public Employee Retirement System. This is a retirement system that takes 6% of the employee's pay and then every year have 4% added to the account once a year. (a) Someone makes $30,000 for one year. How much does the KPERS system take? How much interest is earned from this year? (b) That person that makes $30,000 each year for 30 years. Every year they have 4% of the account value added. How much does this person have in KPERS after 30 years? hint: do one year at a time

Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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**Kansas Public Employee Retirement System (KPERS) Overview** KPERS is a retirement system for Kansas public employees. It deducts 6% of an employee's salary annually, and each year, 4% interest is added to the account once. ### Problem Analysis **(a)** If a person earns $30,000 in a single year: - **Amount Deducted by KPERS:** Calculate 6% of $30,000 to determine how much KPERS takes. - **Interest Earned:** With an annual interest of 4%, compute the interest earned on the 6% deduction. **(b)** If the same person earns $30,000 annually for 30 years: - **Account Growth:** Determine the total amount accumulated in KPERS over 30 years, with a 4% addition each year. - **Hint:** Consider each year separately in the calculations.
Transcribed Image Text:**Kansas Public Employee Retirement System (KPERS) Overview** KPERS is a retirement system for Kansas public employees. It deducts 6% of an employee's salary annually, and each year, 4% interest is added to the account once. ### Problem Analysis **(a)** If a person earns $30,000 in a single year: - **Amount Deducted by KPERS:** Calculate 6% of $30,000 to determine how much KPERS takes. - **Interest Earned:** With an annual interest of 4%, compute the interest earned on the 6% deduction. **(b)** If the same person earns $30,000 annually for 30 years: - **Account Growth:** Determine the total amount accumulated in KPERS over 30 years, with a 4% addition each year. - **Hint:** Consider each year separately in the calculations.
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