Explanation Given: The age of Cora in 2015 is 62 years , percent reduction in monthly benefit at the age of 66 is 6.7 % , percent reduction in monthly benefit at the age of 65 is 13.3 % , Cora’s average monthly earning is $ 4200 , benefits in first $ 826 of average monthly earning 90 % , benefits in average monthly earning in between $ 826 to $ 4980 is 32 % , and the benefits in average monthly earning above $ 4900 is 15 % . Formula used: The formula to calculate percentage of a number is, [ x % of y ] = x y 100 Where, ► x is the percentage. ► y is the number. Calculation: Cora’s average monthly benefit at the age of 67 is calculated as follows. Benefit = [ 90 % ( first $826 monthly average earning ) + 32 % ( monthly average earning between $ 826 to $4200 ) ] …… (1) Calculate the 90 % of first $ 826 monthly average earning as follows. 90 % ( 826 ) = 90 100 ( 826 ) = 0.9 × 826 = 743.4 Thus, the benefit in the first $ 826 monthly average earning is $ 743.4 . Calculate the 32 % of monthly average earning between $ 826 to $ 4200 as follows...

Beginning Algebra: Early Graphing (4th Edition)

4th Edition

ISBN: 9780134178974

Author: John Tobey Jr., Jeffrey Slater, Jamie Blair, Jenny Crawford

Publisher: PEARSON

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Chapter 0.6, Problem 2CEP

To determine

The percentage of Cora’s monthly average benefit with respect to her average monthly pre-retirement earnings.

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Chapter 0.6, Problem 1CEP

Chapter 0.6, Problem 3CEP

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Chapter 0 Solutions

Beginning Algebra: Early Graphing (4th Edition)

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