Question

Henry is up for retirement after 35 long years at his pharmacy. Before retiring, he would like to know how much he would receive each month from Social Security if he were to retire. During his 35 years, Henry averaged an annual salary of $45,620. Assuming he would receive 42% of his annual average each year, how much can Henry expect to receive from Social Security on a monthly basis?
a.
$1,596.70
b.
$1,916.04
c.
$15,967.00
d.
$19,160.40



Please select the best answer from the choices provided


A
B
C
D

Answer 1

A

Annual benefit = 0.42 × $45,620 = $19,160.40.
Monthly = $19,160.40 ÷ 12 = $1,596.70 → choice a.