Question

As part of their employee benefits, all workers at Middletown Electronics receive a pension that is calculated by multiplying the number of years worked times 1.65% of the average of their three highest years' salary. Maureen has worked for Middletown for 27 years and is retiring. Her highest salaries are $97,000, $97,800, and $98,198. Calculate Maureen's pension

Answer 1

Answer:

$43,510.2

Explanation:

The problem says  that the pension is calculated by multiplying the number of years worked (27) times 1.65% of the average of the three highest years salary. First, we calculate the average of Maureen´s highest salaries:

$97,000+$97,800+$98,198 = $292,998/3 = $97,666

Then we calculate the 1,65% of $97,666:

$97,666*0,0165=$1,611.48

Finally, we multiply this answer by the number of years Maureen worked:

$1,611.48*27= $43,510.203 This is Maureen´s pension

Answer 2

Answer: $43,510.203

Explanation:

Given that,

Highest salaries are as follows:

$97,000

$97,800

$98,198

Working years = 27

Average of their three highest years' salary:

= $\frac{97,000+97,800+98,198}{3}$

= $97,666

Maureen's pension is calculated by multiplying the number of years worked times 1.65% of the average of their three highest years' salary.

Therefore,

= 27 × 1.65% × 97,666

= $43,510.203