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FINANCIAL BENEFITS OF A LIFE IN THE NAVY
Regarding financial benefits, we will suppose, for example, that a man enlisting at the age of 18, reaches the rank of petty officer by the end of his first enlistment (4 years) and chief petty officer at the end of his second enlistment (4 years more). Any man can do this if he is willing to work. If he saves half his pay during 30 years, from the age of 18 to the age of 48 and he invests it in the Navy Savings bank at 4 per cent interest, and re-enlists immediately on the expiration of each enlistment those 30 years, at the end of that time he will have in cash $27,486, and may retire on three-fourths of his pay, which will be about $105 a month, or $1,260 a year. Thus he will have $27,486 in cash, which he can invest at 4 1/2 per cent., which will bring him in over $1,236 a year. Add this to his retirement pay and you will readily see that he would have $2,496 per year income from the early age of 48 for the balance of his life.
The percentage of men who are able to accumulate an income of $2,500 a year after thirty years' employment is not large, as everyone knows. Nor do very many bluejackets save half their pay during their entire career, for they are proverbially generous and open-hearted; but (Continued on page 26)
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