Question 85003: Please help me with this question:
If you earned an average of $25,000 over your working life and you retire after 2005 at age 62, 63,or 64, then your annual SS benefit will be $7,00, $7500, or $8,000 respectively. Find the linear equation that gives the annual benefit "b" in terms of age "a"
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! If you earned an average of $25,000 over your working life and you retire after 2005 at age 62, 63,or 64, then your annual SS benefit will be $7,00, $7500, or $8,000 respectively. Find the linear equation that gives the annual benefit "b"
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Pick two of the "points" and find the equation of the line thru them:
(63,7500)
(64,8000)
slope = (8000-7500/(64-63) = 500
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EQUATION:
benefit = 500(age) + k
8000 = 500(64) + k
k= 8000 - 32000
k= -24000
EQUATION:
Benefit = 500(age) - 24000
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Cheers,
Stan H.
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