Question

Jon, age 48, earns $65,000 per year from his employer. Jon saves $15,000 per year for retirement and pays $12,000 per year for his home mortgage. Given this information and considering that Jon will have eliminated his mortgage debt before retirement, what is Jon's expected wage replacement ratio during retirement?
1. A. 43.16%
2. B. 50.81%
3. C. 58.46%
4. D. 73.89%

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You can solve this by using a simple formula and then converting the decimal number into percent form by multiplying it with 100. The whole process is given in the following lines:...

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