Asked by Rishi Gowda on Apr 25, 2024

Mrs.Brown has been working in a factory for 28 years.She is preparing to retire.Her pension is calculated on the average of her last 3 years' salaries,when she earned $38,592;$37,590;and $37,010.Her employer will give her 1.8% of that average for each year she worked.Calculate her pension.

Pension

A type of retirement plan where an employee receives compensation from an employer after retirement.

Salaries

Regular payments made by an employer to an employee, usually monthly or biannually, for their services.

Employer

An entity or individual that hires and pays employees for their labor or services.

  • Examine practical issues related to direct and indirect financial computations.
  • Calculate retirement benefits based on years of service and average earnings.