Your employer uses a career average formula to determine retirement payments to its employees. You have 20 years of service at the company and are considering retirement sometime in the next 10 years. Your average salary over the 20 years has been $50,000 and you expect this to increase at a rate of 1 percent per year. Your employer uses a career average formula by which you receive an annual benefit payment of 5 percent of your career average salary times the number of years of service. RetireAverage Salary Now$50,000

In 2 years$51,005

In 5 years$52,551

In 8 years$54,143

In 10 years$55,231

Calculate the annual benefit if you retire now.