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 1.6% for each year before 65 that they retire.  Russ retires at age 62 with 23 years of service. If his salary upon retirement is $52,477, what is his annual pension benefit? Round your answer to the nearest dollar.

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Q: Castle has just finished his thirty-second year with his company and is getting ready to retire.…

A:

Q: A proposed income tax charges 10% on a person's income up to $25,000 and then 20% on income above…

A: Income tax charges are 10% for income upto $ 25000. Hence, 25000 < 60000 Therefore, income tax…

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A: Given Principal amount = $500,000 Interest rate = 3.15% compounding daily time = 25 years

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A: This is the case of compound interest

Q: Suppose a mutual fund has a portfolio of stocks that have a market value of $10.75 billion and the…

A: The objective of this question is to calculate the net asset value (NAV) per share of a mutual fund.…

Q: You accept a new job with a starting salary of 48,000. Because of your stellar preformance at work,…

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Q: Find the gross income, the adjusted gross income, and the taxable income. Suppose your neighbor…

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Q: If the present worth of a company is 3000$ with interest rate of 9% for 6 years, the EUAC of the…

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Q: A no-load mutual fund specializing in health care stocks has a portfolio of stocks with a market…

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Q: At age 18, someone sets up an IRA (individual retirement account) with an APR of 8%. At the end of…

A: Deposit at the end of each month

Q: Kevin

A:

Q: Consider a credit card with a balance of $8500$ and an APR of 12.5%. If you want to make monthly…

A: The objective of this question is to calculate the total amount paid over a period of 3 years to…

Q: Suppose that you decide to borrow $17,000 for a new car. You can select one of the following loans,…

A:

Q: At age 21, someone sets up an IRA (individual retirement account) with an APR of 4%. At the end of…

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Q: The minimum monthly payment for Brian's credit card is 3.5% of his balance or $25, whichever is…

A: Brian's balance at the end of his billing cycle=$722 The minimum monthly payment for Brian's credit…

Q: A $25,000 United States Treasury bill, purchased at 1.66% interest, matures in 98 days. The…

A: Given problem:- A $25,000 United States Treasury bill, purchased at 1.66% interest, matures in 98…

Q: A new employee is paid $22.50 an hour. A performance evaluation is completed at the end of the year,…

A: We have to find rate per hour after increment.

Q: If money is worth 14%, what payment on August 29 would be equal in value to a payment of $86,900 due…

A:

Q: A bond with face value $10,000 simple interest 6.45% and a term for 12 years is originally bought by…

A: Solution: Assuming Linda bought the bond on settlement date. Net profit for Linda = 11,400 + 645 +…

Q: Under the current tax plan, the person pays 26% flat income tax on their salary. Under a proposed…

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Q: A partnership has a net loss of $100,000. According to the partnership agreement, Joe is entitled to…

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Q: For a three year bond of $2,600 at a simple interest rate of 10% per year, find the semiannual…

A:

Q: If your gross annual salary is $47, 500. If you take home about 64.35% of your income, what is your…

A: The expression: "x% of y" is same as: x100×y. It is known that there are 12 months in a year.

Q: You bought a bond with 8% coupon rate, 10 year maturity, and $1000 par value for $1,039 one year…

A: We have coupon rate =8% Coupon Amount = face value×coupon rate=$1000×0.08=$80 Total return = (Income…

Q: A credit card company offers an annual 2% cash-back rebate on all gasoline purchases. If a family…

A: Given:A credit card company offers an annual 2% cash-back rebate on all gasoline purchases. If a…