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Social Security and Life Expectancy
The amount of a retiree’s Social Security benefit depends on the retiree’s lifetime earnings. the person’s full retirement age. and the age at the time of retirement. The following function gives the annual benefit in dollars for a person retiring in 2012 at ages 62 through 70 with a full retirement benefit of $12,000 at full retirement age of 66.
a) Graph the benefit function.
b) What is the annual benefit for a person who retires at age 64?
c) At what age does a person receive an annual benefit of $ 14.880?
d) What is the average rale of change of the benefit for ages 62 through 63? Ages 64 through 66? Ages 66 through 70?
e) Do the answers to part (d) appear in the annual benefit formula?
The life expectancy L for a U.S. white male with present age a can be modeled by the formula
L = 67.01660.00308)a.
f) Bob is a white male retiring in 2012 at age 62. What total amount can he be expected to draw from Social Security before he dies? Figure his Social Security benefit using the formula given above.
g) Bill is a white male retiring in 2012 at age 70. What total amount can he be expected to draw from Social Security before he dies? Figure his Social Security benefit using the formula given above.
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Chapter 2 Solutions
College Algebra (6th Edition)
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- Upland Co.'s inventory records showed the following data accounted for in a perpetual inventory system. Unit Date June 1 Units Cost Inventory (beg.) 700 $8.00 June 3 Purchases 1,400 8.40 June 7 Sales (at $16 per unit) 980 952 9.00 June 20 Purchases June 22 Sales (at $16 per unit) 1,540 What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method? •Note: Do not use negative signs with any of your answers. •Note: List the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first.arrow_forwardExplain how solve 4x + 3 = 7 using the change of base formula logy: logy. Include the solution for x in your answer. Round your answer to the nearest thousandth. log barrow_forward5. Consider the following vectors 0.1 3.2 -0-0-0 = 5.4 6.0 = z= 3 0.1 For each of exercises a-e, either compute the desired quantity by hand with work shown or explain why the desired quantity is not defined. (a) 10x (b) 10-27 (c) J+Z (d) (x, y) (e) (x, z)arrow_forward
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