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The ABC corporation pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 3% for each year

The ABC corporation pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 3% for each year of service of the average of the employee's earnings for their last 2 years on the job.

Mark retires at age 65 with 16 years of service. His earnings for his last 2 years were $59,363 and $58,222. What is his annual pension benefit?

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