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Edwards Company just hired another employee - Jane. The Edwards Company provides supplemental retirement benefits to its employees realizing the insufficiency of the Social Security

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Edwards Company just hired another employee - Jane. The Edwards Company provides supplemental retirement benefits to its employees realizing the insufficiency of the Social Security benefits for a comfortable retirement life. Edwards has asked you to perform the necessary computations pertaining to the retirement benefits for Jane. Jane's current salary is $40,000. Jane will be entitled to this supplementary retirement benefits after 20 years of work- the start of the 214 year. The retirement plan will last for 25 years, Per company pactices, Jane will be granted with a year-end salary increase of 2% per year effective Jan. 1" of each year that she works The amount of annual retirement benefit is going to be 45% of Jane's salary right before the start of the retirement and will be paid at the start of each year. Any invested funds for pension will earn 4% compounded annually. Compute Jane's annual retirement benefit Example of Answer: 4000.20 Two decimal points. No comma, space, or $sien Answer: Compute Jane's annual retirement benefit Example of Answer: 4000.20 Two decimal points. No comma, space, or $sign. Answer = Assume Jane's annual retirement benefit is $32,000. What amount must be on deposit right before the start of Jane's retirement in order to assure that all the retirement benefits will be paid? Example of Answer: 4000.20 Two decimal points. No comma, space, or $ sign. Answer = A/

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