Peter is about to retire from a company in which he worked, Financial Management

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Peter is about to retire from a company in which he worked

Peter is about to retire from a company in which he worked for 24 years. Peter participated in Defined Benefit Plan which uses Unit Credit Formula (2.4% of average of 3 highest salaries multiplied by number of years of services). The three highest salaries for Peter are: $121,000, $124,000 and $127,000. Calculate the current value of Peter's pension at 7% return if remaining life expectancy is 25 years.

A. $834,084

B. $832,346

C. $842,130

D. $847,042

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Financial Management: Peter is about to retire from a company in which he worked

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