Bob just turned 66 years old and is considering retirement. His average annual salary over the last 35 years is $50,760. Assuming that he will recieve 42% of his average annual salary, what will be his annual Social Secrity benefit?
Mathematics · Middle School · Tue Nov 03 2020
Answered on
Given the statement:
His average annual salary over the last 35 years is $50,760. Assuming that he will recieve 42% of his average annual salary.
Determine what will be his annual social security benefit.
Solution:
Convert 42% to decimal first then take 42% out of his annual salary in order to determine his annual social security benefit. In converting a percentage into decimal, divide the percentage by 100, hence in converting a decimal to percentage, multiply the percentage by 100.
= 42/100
= 0.42
= (0.42)(50,760)
= $21,319
Final answer:
His annual social security benefit is $21,319