Isaiah's employer has a pension plan that pays 2.2% of the average of his highest three-year salary for every year worked.Isaiah has been with this company for 15 years,and his last three years' salaries were $77,500;$81,000;and $81,500.What will his monthly pension amount be after three years in retirement if the cost-of-living adjustment is 2.5% per year?

Pension Plan

A retirement plan that requires an employer to contribute to a pool of funds set aside for a worker's future benefit.

Cost-of-Living Adjustment

An increase in income or benefits to match the rise in the cost of living, helping individuals maintain their purchasing power.

Salary

A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee.