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A corporation's pension plan provides a lifetime annual income to its employees upon retirement at...

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Finance

A corporation's 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 employee's salary upon retirement. Those who retire before 65 have their benefit reduced by 1.9% for each year before 65 that they retire.

Russ retires at age 61 with 16 years of service. If his salary upon retirement is $65,076, what is his annual pension benefit?

Round your answer to the nearest dollar.

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