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Generally, retirement benefits, including Social Security or pensions, receive a cost of living increase (COLA), annually,
These COLAs average 2% per year. If your initial monthly benefit is $4,100, calculate your monthly benefit after 10 years.

Respuesta :

Answer:$4,998

Explanation:

The monthly benefit after 10 years is $4,998.

Given that,

  • These COLAs average 2% per year.
  • The initial monthly benefit is $4,100.

Based on the above information, the calculation is as follows:

= $4,100 × (1 + 0.02)^10

= $4,998

Therefore we can conclude that The monthly benefit after 10 years is $4,998.

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