Alicia has been working for JM
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Alicia has been working for JMM Corporation for 34 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every
year of service for JMM, she is to receive 2 percent of the average salary of her three highest consecutive calendar years of
compensation from JMM. She retired on January 1, 2023. Before retirement, her annual salary was $610,000, $660,000, and $710,000
for 2020, 2021, and 2022. What is the maximum benefit Alicia can receive in 2023?
Note: Round your final answer to nearest whole dollar amount.
Answer is complete but not entirely correct.
Maximum benefit in 2023
$448,800 x
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