Your uncle works for a firm that offers a 4-year final-avera…

Your uncle works for a firm that offers a 4-year final-average salary pension plan. The firm provides a stated benefit of 2%. He has 30 years of service at the normal retirement age (67). His salary in the last years of employment is given below. Calculate the annual benefit that your uncle is entitled to at retirement.                         Age                             Salary earned during the year                         62 – 63                                     $50,000                         63 – 64                                     $51,000                         64 – 65                                     $52,000                         65 – 66                                     $53,000                         66 – 67                                     $54,000