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A corporation's pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 3% for each year of service of the employee's salary upon retirement. Those who retire before 65 have their benefit reduced by 1.2% for each year before 65 that they retire. Russ retires at age 61 with 30 years of service. If his salary upon retirement is $96.499, what is his annual pension benefit?

A corporation's pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 3% for each year of service of the employee's salary upon retirement. Those who retire before 65 have their benefit reduced by 1.2% for each year before 65 that they retire. Russ retires at age 61 with 30 years of service. If his salary upon retirement is $96.499, what is his annual pension benefit?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A corporation's pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 3% for each year of service of the employee's salary upon retirement. Those who retire before 65 have their benefit reduced by 1.2% for each year before 65 that they retire. Russ retires at age 61 with 30 years of service. If his salary upon retirement is $96.499, what is his annual pension benefit? Round your answer to the nearest dollar. iswered ect Answer 85,806 82,680 margin of error +/- 200
Transcribed Image Text:A corporation's pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 3% for each year of service of the employee's salary upon retirement. Those who retire before 65 have their benefit reduced by 1.2% for each year before 65 that they retire. Russ retires at age 61 with 30 years of service. If his salary upon retirement is $96.499, what is his annual pension benefit? Round your answer to the nearest dollar. iswered ect Answer 85,806 82,680 margin of error +/- 200
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