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Find how much benefit is attributed for each year of service

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Problem 1: Nervous Company's defined benefit plan provides a monthly pension of 2% of final salary for each year of service. The pension is payable from the age of 65. Mr. Santos is an employee of Nervous Co. It was estimated that Mr. Santos' final salary level will be P120,000 per month. How much benefit is attributed for each year of service rendered by Mr. Santos?

Reference no: EM132696392

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