cel Salary $60,000 62,500 64,000 Using a Spreadsheet to Calculate Pension Ben- efit Payments: Your employer uses
Question:
cel Salary $60,000 62,500 64,000 Using a Spreadsheet to Calculate Pension Ben- efit Payments: Your employer uses a career aver- age formula to determine retirement payments to its employees. You have 20 years of service at the company and are consider- ing retirement some time in the next 10 years. Your average sal- ary over the 20 years has been $50,000 and you expect this to increase at a rate of 1 percent per year. Your employer uses a career average formula by which you receive an annual benefit payment of 5 percent of your career average salary times the number of years of service. Calculate the annual benefit if you retire now, in 2 years, 5 years, 8 years, and 10 years. (LG 18-2)
Step by Step Answer:
Financial Markets And Institutions
ISBN: 9780078034664
5th Edition
Authors: Anthony Saunders, Marcia Cornett