Peterson Products calculates its pension benefits as follows: Years of service 1.98% multiplier Average of
Question:
Years of service × 1.98% multiplier × Average of last two annual salaries
What is Mary's monthly pension benefit if she worked for Peterson for 28 years and her last two annual salaries were $78,000 and $80,000?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
Average salary 78...View the full answer
Answered By
Madhvendra Pandey
Hi! I am Madhvendra, and I am your new friend ready to help you in the field of business, accounting, and finance. I am a College graduate in B.Com, and currently pursuing a Chartered Accountancy course (i.e equivalent to CPA in the USA). I have around 3 years of experience in the field of Financial Accounts, finance and, business studies, thereby looking forward to sharing those experiences in such a way that finds suitable solutions to your query.
Thus, please feel free to contact me regarding the same.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Algebra advanced algebra with financial applications
ISBN: 978-0538449670
1st edition
Authors: Robert K. Gerver
Question Posted:
Students also viewed these Linear Algebra questions
-
Sunshine Living calculates its pension benefits as follows: Years of service 2.25% multiplier Average of last five annual salaries. What is Killian's annual pension benefit if he worked for...
-
Sara works for the City of Northbeck. The city calculates an employee's pension according to the following formula. Determine the average of the highest 3 years of annual earnings. Determine the...
-
A study conducted by Watson Wyatt Worldwide, a human resources consulting firm, revealed that 13% of Fortune 1000 companies either terminated or froze their defined-benefit pension plans. As part of...
-
1. Learn the detail background on ERP systems. Discuss how you would integrate ERP systems internal and external across your entire organization or an organization of your choice? Then discuss the...
-
Surfboards USA wants to expand its operations to Australia. The current indirect exchange rate is 1.45 for U.S. and Australian dollars. The anticipated inflation rate is 3% in the United States, but...
-
The function is a beam-like solution to the scalar wave equation (in the paraxial approximation) where The Gouy phase, (z), arises from the fact that the beam has a finite size in the transverse...
-
Use the momentum conservation equations given in Problem 77 and Equation 34.8 for the Compton shift to show that the electrons recoil angle in Fig. 34.9b is given by tan = sin/[(1 + C / 0 )(1 cos)].
-
On March 31, Dower Publishing discounted a $30,000 note at a local bank. The note was dated February 28 and required the payment of the principal amount and interest at 6% on May 31. The bank's...
-
QUESTION TWO Bobich Ltd manufactures plastic containers for the pharmaceutical industry. The factory, in which the company undertakes all its production has two production departments namely: Cutting...
-
On January 1, 20X1, Bill Inc. leases manufacturing equipment from Beatrix Corporation. The lease covers seven years and requires annual lease payments of $51,000, beginning on January 1, 20X1. The...
-
Grant's employer offers a pension plan that calculates the annual pension as the product of the final average salary, the number of years of service, and a 2% multiplier. His employer uses a graded...
-
Jamal is retiring after working 45 years for the same company. The company pays a monthly retirement benefits of $35 for each year of service less than 20 years. The benefit increases by 1 / 10% for...
-
Maggies Skunk Removal Corp.s 2015 income statement listed net sales = $12.5 million, gross profit of $6.9 million, EBIT = $5.6 million, net income available to common stockholders = $3.2 million, and...
-
The following table contains the monthly operating costs of a company. Salary is not included. Determine the variance and standard deviation of the costs. Enero Febrero Marzo Abril Mayo Junio Julio...
-
Becker & Smith, CPAs, performs a financial statement review for BAM Markets ( BAM ) . Caroline, the manager on the job, learns that Don, a member of the review team, violated the independence rules....
-
Presented here are selected transactions for Sheridan Inc. during August of the current year. Sheridan uses a perpetual inventory system. It estimates a return rate of 10%, based on past experience....
-
. Complete both parts (a) and (b) below. ). In1 (a) Let X11, X12, ..., X be a random sample of size n from a population with mean and variance . Let X21, X22,..., X2n2 be a random sample of size n...
-
41. Let S be the cone z = x + y, z 2, oriented with outward unit normal. Use Stokes' theorem to evaluate the flux integral for the vector field SJ (V x F). ndS F(x, y, z) = (x y)i + 2zj + xk. -
-
It is essential to have a philosophy that allows you to think about clients beyond the project if you want to establish lasting working relationshipsin business and beyond. Built over many years of...
-
For what reason might an exporter use standard international trade documentation (letter of credit, draft, order bill of lading) on an intrafirm export to its parent or sister subsidiary?
-
A full house in poker consists of three of a kind and a pair (two of a kind). How many full houses are there that consist of 3 aces and 2 queens? (See Section 8.8 for a description of a 52-card...
-
Find the indicated term of the binomial expansion. a. 3rd; (a + b)7 b. 6th; (x + y)8 c. 6th; (x - y)10
-
Determine the number of subsets of each of the following. a. A set of 7 elements b. A set of 6 members c. The set of letters of the Greek alphabet, which contains 24 letters
-
why would an auditor want to complete dual-purpose tests? what procedure can be put into place to help prevent fraud? List 4 procedures.
-
Based on the following information, calculate sustainable growth rate for Groot, Inc.: Profit margin= 7.1% Total asset turnover = 1.90 Total debt ratio = .45 Payout ratio = 20% What is the ROA here?
-
Consider the following: a call option on a stock has strike price $100, premium of $5 and the current price of the underlying stock is $100. If you buy the call option today, what is your holding...
Study smarter with the SolutionInn App