You chose to work beyond the age of 67. Your benefit increases 8% for every year you wait past the age of 67 but there is no increase in benefit beyond age 70. You are retiring at the end of this year, at the age of 72. If your normal monthly retirement benefit would have been $1,000 per month if you retired at 67, which math statement below could you use to roughly calculate your monthly benefit at age 72?
a) $1,000 + $1,000 x .08 x 3 = $1,240
b) $1,000 + $1,000 x .08 x 5 = $1,400
c) $1,000 + $1,000 x .08 x 3 x 12 = $2,880
d) $1,000 + $1,000 x .08 x 5 x 12 = $4,800