Does the answer to Exercise 51 exceed the result from Exercise 50? Ruslana wants to use her
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Does the answer to Exercise 51 exceed the result from Exercise 50?
Ruslana wants to use her \(401(\mathrm{k})\) to save \(\$ 1,400,000\) when she retires in 36 years. She assumes the plan will yield \(11 \%\) compounded annually. Her company will match contributions up to \(5 \%\) of annual salary. Her salary is \(\$ 48,000\).
Data from Exercises 51
The company will match up to \(5 \%\) of Ruslana's salary, which means half the payment (up to \(5 \%\) of salary) will be contributed by the company. How much is half the necessary payment?
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