5. FACTS: You are a 22 year old college graduate and have just landed your first professional job. Your new employer sponsors a matching 401(k) plan. Suppose you've actually been paying attention in class and will earn a $50,000 salary to start and you therefore elect to defer 15% of your salary into your 401(k), and that your employer will match your contributions, but only up to 6% of your salary. REQUIRED: Assume an annual interest rate of 9% compounded monthly. Determine how much you and your employer will be contributing each month. If you continue to fund your 401k monthly at this exact same amount until you reach the age of 65, how much will your 401(k) portfolio be valued at?