marina works at washington performing arts center. her employer offers her a pension. marina’s employer uses…

marina works at washington performing arts center. her employer offers her a pension. marina’s employer uses a formula to calculate the pension. a retiring employee will receive 1.5% of their average salary for the last five years of employment for every year worked. marina is planning on retiring at the end of this year after 25 years of employment. marina would receive this amount each year until her death. her salaries for the last five years are $88,900, $92,200, $96,000, $98,000, and $102,000. calculate marina’s pension.\n$35000\n$35786.5\n$35782.5\n$35728.5

marina works at washington performing arts center. her employer offers her a pension. marina’s employer uses a formula to calculate the pension. a retiring employee will receive 1.5% of their average salary for the last five years of employment for every year worked. marina is planning on retiring at the end of this year after 25 years of employment. marina would receive this amount each year until her death. her salaries for the last five years are $88,900, $92,200, $96,000, $98,000, and $102,000. calculate marina’s pension.\n$35000\n$35786.5\n$35782.5\n$35728.5

Answer

Explanation:

Step1: Calculate average salary

First, find the sum of the salaries for the last five - years: $88900 + 92200+96000 + 98000+102000=477100$. Then, divide by 5 to get the average: $\frac{477100}{5}=95420$.

Step2: Calculate annual pension amount

Multiply the average salary by the percentage per year and the number of years worked. The percentage is $1.5%=0.015$ and the number of years worked is 25. So, the pension is $95420\times0.015\times25 = 95420\times0.375=35782.5$.

Answer:

$35782.5$