Question

Christina will be retiring next month from her job after 35 years as a school bus driver. Over the last 35 years, Christina’s annual salary averaged $22,040. She expects to receive some money each month from Social Security and plans to take the rest of the money she needs to pay the monthly bills from savings. Each month her bills total to about $1,375. Assuming her annual Social Security benefit will be 42% of her salary average, how much will she need to take from savings each month to help pay the bills?

Answer 1

(B) $603.60

Step-by-step explanation:

Edge 2020

Answer 2

$603.6

Step-by-step explanation:

Christina’s annual salary averaged = $22,040

Annual Social Security benefit = 42% of her salary average

Christina’s total bill each month = $1,375

Now,

The amount of Annual Social Security benefit = 42% of $22,040

= 0.42 × $22,040

= $9,256.8

Thus,

The amount of monthly Social Security benefit

= ( Annual Social Security benefit ) ÷ 12

= $9,256.8 ÷ 12

= $771.4

Therefore,

The amount she need to take from savings each month to help pay the bills

= Christina’s total bill each month - Amount of monthly Social Security benefit

= $1,375 - $771.4

= $603.6