What is (5 %) of Ruslana's salary? Ruslana wants to use her (401(mathrm{k})) to save ($ 1,400,000)
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What is \(5 \%\) of Ruslana's salary?
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 \(\$ 48,000\).
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