Lynn, an expatriate, joined Company QQQ at age 33. She is currently earning 3600 monthly at age 40, and she will retire at age 60. Her annual increment is projected using the following salary scale table: X 50 Sx 2.06 51 2.15 52 2.22 53 2.27 54 2.31 55 2.36 56 2.42 57 2.89 58 3.00 59 60 3.02 3.02 Lynn has just realized that she entered a defined benefit pension plan when she joined the company. That is, upon retirement, she will receive pension benefits equal to 2% of her final n-year average salary at QQQ for each year of service. Calculate the biggest integer value of n such that the replacement ratio is more than 52%.

Lynn, an expatriate, joined Company QQQ at age 33. She is currently earning 3600 monthly at age 40, and she will retire at age 60. Her annual increment is projected using the following salary scale table: X 50 Sx 2.06 51 2.15 52 2.22 53 2.27 54 2.31 55 2.36 56 2.42 57 2.89 58 3.00 59 60 3.02 3.02 Lynn has just realized that she entered a defined benefit pension plan when she joined the company. That is, upon retirement, she will receive pension benefits equal to 2% of her final n-year average salary at QQQ for each year of service. Calculate the biggest integer value of n such that the replacement ratio is more than 52%.

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter12: Sequences, Series And Binomial Theorem

Section12.3: Geometric Sequences And Series

Problem 12.57TI: What is the total effect on the economy of a government tax rebate of $1,000 to each household in...

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