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A 3 1 year old employee who has just been hired will contribute part of Their paycheck monthly to a 4 0 1 ( k

A 31 year old employee who has just been hired will contribute part of Their paycheck monthly to a 401(k). The employee's starting salary is $76000 a year. An annual raise of 4.29% is given to every employee each year. The employee plans to work for the company until they retire at age 61 and start withdrawing from their 401(k)30% of their ending salary each year they are retired. The employee expects to be retired for 25 years. They will withdraw the money in monthly installments. The 401(k) earns 7.72% per year compounded monthly.
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