Answers FL-2102371-Personal Finance and Money Management Cumulative Exam — Cumulative examQuestion 19

19

RCMultiple Choice

Cumulative Exam — Cumulative exam

Question 19 • FL-2102371-Personal Finance and Money Management

Jennifer is excited to be retiring after 35 years of service as a high school English teacher. Over the past 35 years, Jennifer’s average annual salary was $26,443. How much can Jennifer expect to receive on a monthly basis from Social Security, assuming she will receive 42% of her average annually?

Answer

A

$11,106.06

B

$1,110.61

C

$9,255.05

D

$925.51

Explanation

First find 42% of Jennifer’s average annual salary: $26,443 × 0.42 = $11,106.06 per year. Divide by 12 months: $11,106.06 ÷ 12 = $925.505, or $925.51 rounded to the nearest cent. The correct choice is $925.51 per month.

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