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Monthly Pension 2018-05-28
From Kenneth:

Hello:

I have a question regarding how the units cancel in the following:

A company uses the following calculation to determine the monthly payment for its employees as they retire:

1.1% * average 5 years highest salary * years of service

If an employee worked 33 years and his average 5 year salary is $30,705.17, what is his monthly payment?

I used the following to determine his monthly payment, but I am not sure how the units cancel especially the years.

1.1% * $30,705.17 * 33 years divided by 12 months/year

I determined his payment as $928.83 per month, but the year units do not cancel unless the 1.1% is per year.

Is the correct calculation 1.1%/year * $30,705.17 * 33 years divided by 12 months/year so that the units cancel properly?

The $\$30,705.17$ is an average for 5 years of working. It is not $30,705.17 per year.

I thank you for your assistance.


Answered by Penny Nom.
An investment for 20 months 2015-01-12
From rose:
Darnell wants to have 2700$ to purchase a tv in 20 months. what will he need to deposit today if he earns 5% annual interest compounded monthly
Answered by Penny Nom.
Questions of the Month 2007-11-01
From Judith:
Where would I find comprehensive questions, that cover the majority of skills in a unit such as number sense, to use as "Questions of the Month"?
Answered by Victoria West.
Select a month at random 2006-02-24
From Josh:
Find the probability that the name of a month of the year,chosen at random, begins with a consonant.
Answered by Penny Nom.
Monthly rent 2002-09-04
From Al:
How do you figure monthly rent if the charge is 11.00 per sq. ft. and there are 1,000 sq. feet?
Answered by Leeanne Boehm.
Monthly payments 2001-06-12
From Anthony:
This question is base on my interest. I would like to know the formula for calculating this example: If you borrow $10,000 from a bank with an APR of 11.7% to be paid off in 5 years, what is your monthly payment?
Answered by Penny Nom.
Prime dates 1999-03-25
From Jessica Brown:
I'm asking how do you figure out all the prime numbers in a year and, whats the average amount of prime numbers per week.
Answered by Jack LeSage and Penny Nom.
 
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