The ABC corporation pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 2% 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 15 years of service. His earnings for his last 2 years were $56,697 and $55,530. What is his annual pension benefit? Round your answer to the nearest dollar.
The ABC corporation pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 2% 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 15 years of service. His earnings for his last 2 years were $56,697 and $55,530. What is his annual pension benefit? Round your answer to the nearest dollar.
Chapter4: Income Exclusions
Section: Chapter Questions
Problem 36P
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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 2% 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 15 years of service. His earnings for his last 2 years were $56,697 and $55,530. What is his annual pension benefit?
Round your answer to the nearest dollar.
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