Explore BrainMass

Explore BrainMass

    Calculating Annual Benefits

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    An employer uses a final pay formula to determine retirement payouts to its employees. The annual payout is 3 percent of the average salary over the employees' last three years of service times the total years employed. Calculate the annual benefit under the following scenarios.

    Year Average salary during the last three years of service.
    17 $40,000
    20 $47,000
    22 $50,000

    © BrainMass Inc. brainmass.com June 4, 2020, 2:51 am ad1c9bdddf

    Solution Summary

    This solution calculates the annual retirement payouts to employees for the three scenarios.