Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Luke worked for a company for 25 years before becoming disabled. He planned to retire at 65, but is currently 62. His final average salary was $60,000. If his plan offers a benefits rate of 2%, what is his monthly benefit? Expected Worked Retirement Age Rate of Benefits Final Average Salary Annual Years Present %3D Benefit Age A. $2,500 B. $2.800 C. $3,600 D. $3,000 2003 - 2022 International Academy of Science. All Rights Reserved.
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Transcribed Image Text:Luke worked for a company for 25 years before becoming disabled. He planned to retire at 65, but is currently 62. His final average salary was $60,000. If his plan offers a benefits rate of 2%, what is his monthly benefit? Expected Worked Retirement Age Rate of Benefits Final Average Salary Annual Years Present %3D Benefit Age A. $2,500 B. $2.800 C. $3,600 D. $3,000 2003 - 2022 International Academy of Science. All Rights Reserved.
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Annual Benefit: In a plan to which Employees do not participate and to which no Rollover Contributions are made, an annual benefit is paid in the form of a straight life annuity (no ancillary benefits). Annual Benefit indicates an annual retirement benefit paid as a straight life annuity.

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