Does the answer to Exercise 59 exceed the result from Exercise 58? Remy wants to use his
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Does the answer to Exercise 59 exceed the result from Exercise 58?
Remy wants to use his 401 (k) to save \(\$ 1,750,000\) when he retires in 30 years. He assumes the plan will yield \(10.4 \%\) compounded annually. His company will match contributions up to \(6 \%\) of annual salary. His salary is \(\$ 78,000\).
Data from Exercises 59
The company will match up to \(6 \%\) of Remy's salary, which means half the payment (up to \(6 \%\) of salary) will be contributed by the company. How much is half the necessary payment?
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