What is the social security full retirement age monthly benefit given the following information?

Sum of highest 35 years of earnings is $2,520,000 as of 62 years old in 2021.

Use 2021 bend points as discussed in class.

A)$2,498

B)$2,861

C)$4,773

D)$1,958

Social Security Benefit Calculation For benefit if retire at Full Retirement Age (67) Year 2022 2023 2021 142,800 Indexed Indexed Nominal Maximum Indexing Nominal Maximum Allowable Age Earnings Earnings Factor Earnings Earnings Earnings 22 50,000 147,084 2.88 144,033 423,698 144,033 23 51,500 151,497 2.80 144,383 424,729 144,383 24 53,045 156,041 2.73 144,735 425,763 144,735 25 54,636 160,723 2.66 145,087 426,799 145,087 26 56,275 165,544 2.58 145,440 427,837 145,440 27 57,964 170,511 2.52 145,794 428,878 145,794 28 59,703 175,626 2.45 146,148 429,922 146,148 29 61,494 180,895 2.38 146,504 430,968 146,504 30 63,339 186,322 2.32 146,860 432,016 146,860 31 65,239 191,911 2.26 147,218 433,067 147,218 32 67,196 197,669 2.20 147,576 434,121 147,576 Sum of highest 35 Earnings Years Number of months in 35 years Average Indexed Monthly Earnings (AIME) 2024 2025 2026 2027 2028 2029 2,520,000 420 6,000 AIME Beginning 6,000 1,218 Bend Points 4,782 24,034 28,816 AIME Actual 4,782 1,218 AIME Ending 1,218 2030 Limit% 90% 32% 15% PIA 4,304 390 2031 2032 Social Security Benefit Calculation For benefit if retire at Full Retirement Age (67) Year 2022 2023 2021 142,800 Indexed Indexed Nominal Maximum Indexing Nominal Maximum Allowable Age Earnings Earnings Factor Earnings Earnings Earnings 22 50,000 147,084 2.88 144,033 423,698 144,033 23 51,500 151,497 2.80 144,383 424,729 144,383 24 53,045 156,041 2.73 144,735 425,763 144,735 25 54,636 160,723 2.66 145,087 426,799 145,087 26 56,275 165,544 2.58 145,440 427,837 145,440 27 57,964 170,511 2.52 145,794 428,878 145,794 28 59,703 175,626 2.45 146,148 429,922 146,148 29 61,494 180,895 2.38 146,504 430,968 146,504 30 63,339 186,322 2.32 146,860 432,016 146,860 31 65,239 191,911 2.26 147,218 433,067 147,218 32 67,196 197,669 2.20 147,576 434,121 147,576 Sum of highest 35 Earnings Years Number of months in 35 years Average Indexed Monthly Earnings (AIME) 2024 2025 2026 2027 2028 2029 2,520,000 420 6,000 AIME Beginning 6,000 1,218 Bend Points 4,782 24,034 28,816 AIME Actual 4,782 1,218 AIME Ending 1,218 2030 Limit% 90% 32% 15% PIA 4,304 390 2031 2032