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3. Assume your starting salary at 22 years old is $70,000 after taxes. If you invest 6% of your salary into a 401K (retirement account),
3. Assume your starting salary at 22 years old is $70,000 after taxes. If you invest 6% of your salary into a 401K (retirement account), your employer will match your contributions dollar for dollar. In other words, if you invest 6% of your salary, they will also contribute 6% of your salary in this retirement account. If you plan to retire at 55 years old, how much do you have saved in your retirement account? ( 25 points) Assume the following to complete the problem: - You never get a raise in your career (terrible assumption but use it to simplify the problem) - Your investments will earn 4% return compounded monthly (consider this 4% APR) - You and your company make your investments monthly 4. Water enters a 2.00m tank at a rate of 6.00kg/s and is withdrawn at a rate of 3.00kg/s. The tank is initially half full. - Draw a diagram and write a balance equation for this process. (15 points) - How long will it take the tank to overfill? (15 points)
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