Question

question 4
1 pts
(02.02 mc)
demarcus will be 24 years old when he graduates. if the mean bi - weekly wage of his career is $2,456.00, what will his lifetime earnings be when he retires at the age of 65?
$100,696.00
$1,000,696.00
$2,618,096.00
$5,236,192.00

Explanation:

Step1: Calculate the number of years worked

Demarcus graduates at 24 and retires at 65. The number of years worked is \(65 - 24=41\) years.

Step2: Calculate the number of bi - weekly periods in a year

There are 52 weeks in a year. The number of bi - weekly (2 - week) periods in a year is \(\frac{52}{2}=26\) periods.

Step3: Calculate the total number of bi - weekly periods in 41 years

The total number of bi - weekly periods is \(41\times26 = 1066\) periods.

Step4: Calculate lifetime earnings

If the mean bi - weekly wage is \( \$2456\), then lifetime earnings \(E=2456\times1066\)

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Answer:

\(\$2,618,096.00\)