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Alex has averaged $70,000 per year for the last 5 years working as an actuary for NML. Under NML's defined benefit plan using 7-year vesting,

Alex has averaged $70,000 per year for the last 5 years working as an actuary for NML. Under NML's defined benefit plan using 7-year vesting, employees earn a retirement equal to 3.5% of the average for their three highest annual salaries per year of service. Alex has been employed for 5 full years. How much is Alex's vested benefit (annual retirement benefit) he has earned so far?

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