miles worked for a company for 30 years before becoming disabled. he planned to retire at 65, but is…

miles worked for a company for 30 years before becoming disabled. he planned to retire at 65, but is currently 60. his final average salary was $68,000. if his plan offers a benefits rate of 2%, what is his monthly benefit?\nannual benefit = (years worked + expected retirement age - present age) × rate of benefits × final average salary\n$?\nround to the nearest whole dollar.

miles worked for a company for 30 years before becoming disabled. he planned to retire at 65, but is currently 60. his final average salary was $68,000. if his plan offers a benefits rate of 2%, what is his monthly benefit?\nannual benefit = (years worked + expected retirement age - present age) × rate of benefits × final average salary\n$?\nround to the nearest whole dollar.

Answer

Explanation:

Step1: Identify values

Years Worked = 30, Expected Retirement Age = 65, Present Age = 60, Rate of Benefits = 2% = 0.02, Final Average Salary = 68000

Step2: Calculate the multiplier

$(30+(65 - 60))=(30 + 5)=35$

Step3: Calculate annual benefit

Annual Benefit = $35\times0.02\times68000$ $35\times0.02\times68000 = 35\times1360=47600$

Step4: Calculate monthly benefit

Monthly Benefit = $\frac{47600}{12}\approx3967$

Answer:

3967