Question 166600: If you earned an average of $25,000 over your working life and you retire after 2005 at the age of 62,63,64, then your annual social security benefit will be $7,000, $7,500 or $8,000, respectively(ssa.gov). There is a linear equation that gives the annual benefit B in terms of the age A for these three years. Find the Equation
Answer by gonzo(654)   (Show Source):
You can put this solution on YOUR website! the equation relating benefits to age would be:
B = 7000 + 500*(x-62)
plotting value for x and y, you get
x = 62, x-62 = 0, B = 7000 + 500*0 = 7000.
x = 63, x-62 = 1, B = 7000 + 500*1 = 7500.
x = 64, x-62 = 2, B = 7000 + 500*2 = 8000.
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a graph of this equation would look like this:
look below the graph for more comments.
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when x = 0, age is 62.
when x = 1, age is 63.
when x = 3, age is 64.
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when y = 7, benefit is 7000.
when y = 7.5, benefit is 7500.
when y = 8, benefit is 8000.
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this graph should have started at 0 but i couldn't do that without the labeling of the x and y axis getting screwed up.
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labeling of the x-axis coordinates and the y-axis coordinates would also normally be changed to the correct value but i couldn't do that here.
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