Chapter15: Choice Of Business Entity—other Considerations
Section: Chapter Questions
Problem 46P
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Phil has a defined-benefit plan that pays him a pension of 1.8 percent of his average best three years' earnings. His earnings are as follows: 2016, $58,000; 2017, $62,000; 2018, $65,000; 2019, $66,000; 2020, $62,000; 2021, $72,000; 2022, $75 000. What will be his annual pension benefit if he was with Plastis Co. for 23 years?
a. $16,224 b. $30,360 c. $28,789 d. $29,394
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