Julies employer has a defined benefits retirement plan which

Julie\'s employer has a defined benefits retirement plan which pays 3.5% of her final year\'s salary for each year of employment. Julie estimates her final year\'s salary will be $75,000 and she will have worked for 22 years. what is her expected retirement benefit? (show all work)

Solution

Total expected retirement benefit=(3.5%*$75000) for 22 years

=(3.5%*$75000)*22 years

which is equal to

=$57,750.