An employer uses a final pay formula to determine retire- ment payouts to its employees. The annual
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An employer uses a final pay formula to determine retire- ment payouts to its employees. The annual payout is 3 percent of the average salary over the employees' last three years of service times the total years employed. Cal- culate the annual benefit under the following scenarios. (LG 18-2) Years Worked Average Salary during the Last Three Years of Service 17 $40,000 20 $47,000 22 $50,000
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Financial Markets And Institutions
ISBN: 9780078034664
5th Edition
Authors: Anthony Saunders, Marcia Cornett
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