Question

A teacher's salary in California on average is $52,140. Typically, as a retiring employee, will receive 1.5% of their average salary for the last three years of employment for every year worked and you are planning on retiring after 25 years of employment.

Answer 1

Retirement pay= $19,552.5

Explanation:

Giving the following information:

Annual salary= $52,140

Employment years= 25

First, we need to calculate the 1.5% of the annual average salary:

1.5%= 52,140*0.015

1.5%= $782.1

Now, the payment at the moment of retirement:

Retirement pay= 782.1*25

Retirement pay= $19,552.5