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An employer uses a final pay formula to determine retirement payouts to its employees. The annual payout is 4 percent of the average salary over

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An employer uses a final pay formula to determine retirement payouts to its employees. The annual payout is 4 percent of the average salary over the employees' last three years of service times the total years employed. Calculate the annual benefit under the following scenarios. Years Average salary during the Last Three Years of Service $53,000 60,000 21 63,000 Worked 16 19 Annual Benefit Years Worked 16 19 21

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