Multiple Choice
Henry has a defined benefit plan that promises an annual retirement benefit based on 2.5% of his final 5-year average annual salary for each year of service.At retirement Henry has 21 years of service and an average salary over the last 5 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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