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Alicia has been working for JMM Corporation for 35 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 $594,000, $636,000, and $678,000 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. Maximum benefit in 2023

Alicia has been working for JMM Corporation for 35 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 $594,000, $636,000, and $678,000 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. Maximum benefit in 2023

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Alicia has been working for JMM Corporation for 35 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 $594,000, $636,000, and $678,000 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. Maximum benefit in 2023
Transcribed Image Text:Alicia has been working for JMM Corporation for 35 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 $594,000, $636,000, and $678,000 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. Maximum benefit in 2023
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