Multiple Choice
Henry has a defined benefit plan that promises a 2.5% annual retirement benefit based on the average of his last five years of salary.At retirement Henry has 21 years of service and an average salary over the last five years of $95,000.What will his annual benefit be?
A) $95,000
B) $60,500
C) $49,875
D) $28,500
E) Cannot determine
Correct Answer:
Verified
Correct Answer:
Verified
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