Sally has just finished her thirty-fifth year with her company and is getting ready to retire. During her thirty-five years, Sally’s average annual salary was $45,603. How much can Sally expect to receive from Social Security annually if she were to retire today? (Assume she will receive 42% of her average annual salary.)
a.
$191.53
b.
$1,915.33
c.
$19,153.26
d.
$191,532.60
Well, Sally must be excited to retire after 35 years! Now, let's help her figure out how much she can expect to receive from Social Security annually.
According to the information given, Sally's average annual salary was $45,603. And she's expected to receive 42% of that as her Social Security benefit.
To calculate that, we can multiply Sally's average annual salary by 0.42 (which is the same as 42% in decimal form).
So, the calculation would be:
$45,603 x 0.42 = $19,153.26
Therefore, Sally can expect to receive $19,153.26 from Social Security annually.
So the correct answer is c. $19,153.26. Enjoy your retirement, Sally!
To calculate how much Sally can expect to receive from Social Security annually, we need to multiply her average annual salary by the percentage she will receive.
First, calculate 42% of Sally's average annual salary:
42% of $45,603 = $45,603 * 0.42 = $19,153.26
Therefore, Sally can expect to receive $19,153.26 from Social Security annually.
The correct answer is c. $19,153.26.