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5. The ABC corporation pension plan provides a lifetime annual income to its employees upon...

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Finance

5. The ABC corporation pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 3% for each year of service of the average of the employee's earnings for their last 2 years on the job.

Mark retires at age 65 with 16 years of service. His earnings for his last 2 years were $55,465 and $57,760. What is his annual pension benefit?

Round your answer to the nearest dollar.

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