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Section 3.2Exercise 64

# Section 3.2Exercise 64 - = 7,000 = 112.90 \$/age 62 – 0 62...

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Section 3.2: Exercise 64 Retirement pay. The annual Social Security benefit of a retiree depends on the age at the time of retirement. The accompanying graph gives the annual benefit for persons retiring at ages 62 through 70 in the year 2005 or later (Social Security Administration, www.ssa.gov ). What is the annual benefit for a person who retires at age 64? \$8,000 At what retirement age does a person receive an annual benefit of\$11,600? 69 Find the slope of each line segment on the graph, and interpret your results. m = 7,000 – 0
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Unformatted text preview: = 7,000 = 112.90 \$/age 62 – 0 62 m = 8,000 – 7,000 = 1000 = 500 \$/age 64 - 62 2 m = 10,000 – 8,000 = 2,000 = 666.66 \$/age 67 - 64 3 m = 12,400 – 10,000 = 2,400 = 800 \$/age 70 – 64 3 The slope tells us that with every increase of age, there is an obvious increase of benefits. Why do people who postpone retirement until 70 years of age get the highest benefit? This is because of the increase of the slope. From the age of 62 until the age of 70, there is an increase of \$5,400. This is our government at work....
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