Question

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 Security benefit?

a.
$2,131.92
b.
$21,319.20
c.
$213,192.00
d.
$2,131,920.00

Answer 1

50,760*.42 = $21,319.20

Answer 2

Option b. #21,319.20

Explanation:

Bob's average annual salary over the last 35 years = $50,760

His annual social security = 42% of his average annual salary

42% × 50,760

to calculate 42% of 50,760, we have to first convert 42% to fraction

`(42)/(100)` × 50,760

= 0.42 × 50,760

= $21,319.20

Option b. #21,319.20