Eddie is a plant manager at North Salem Construction Company. He has been employed there for 20 years and will be retiring at the end of this year. His pension is calculated on the average of his last four years' salaries. In those years, he earned $82,000, $96,000, $105,000, snf $109,000. His employer will give him 1.2% of that average for each year he worked. Calculate Eddie's pension. *

Using the mean concept, it is found that Eddie's pension is of $23,520.

The mean of a data-set is given by the sum of all observations in the data-set divided by the number of observations.

In this problem, there are 4 observations, which are $82,000, $96,000, $105,000, and $109,000, hence, the mean is:

1.2% of the average is given by:

He worked for 20 years, hence, the pension is of:

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$23,520

Step-by-step explanation:

Given the question :

Eddie is a plant manager at North Salem Construction Company. He has been employed there for 20 years and will be retiring at the end of this year. His pension is calculated on the average of his last four years' salaries. In those years, he earned $82,000, $96,000, $105,000, snf $109,000. His employer will give him 1.2% of that average for each year he worked. Calculate Eddie's pension

Pension is calculated on the average of his last four years salary :

Salary for last four years :

82,000 + 96,000 + 105,000 + 109,000 = $392,000

Average salary over the last four years :

392,000 / 4 = $98,000

Number of years worked = 20 years

1.2% of his average salary over the last four years :

0.012 × $98,000 = $1,176

$1,176 × number of years worked

$1,176 × 20 = $23,520

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