Many calculations related to retirement planning are based on percentages A percentage is a part of 100 and is the same as a

Question

Many calculations related to retirement planning are based on percentages A percentage is a part of 100 and is the same as a fraction or decimal For example 15 percent is the same as 15 100 which is 15 To calculate the percentage of a number change the percentage to a decimal and multiply by the number For example 15 percent of 200 15 100 x 200 or 15 x 200 30 Solve the following problems 1 Riley has been working as a high school principal for 30 years The formula for calculating retirement pensions in his school system is based on 2 percent multiplied by each year worked What is the percentage that will be used to calculate his retirement pension 2 Riley s annual retirement pension is based on his average salary over his career If his average salary is 50 000 what will be his annual retirement pension

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