a. Suppose that between the ages of 22 and 34, you contribute $7000 per year to a 401(k) and your employer contributes $3500 per year on your behalf. The interest rate is 8.8% compounded annually. What is the value of the 401(k) after 12 years?

b. Suppose that after 12 years of working for this firm, you move on to a new job. However, you keep your accumulated retirement funds in the 401(k). How much money will you have in the plan when you reach age 65?

c. What is the difference between the amount of money you will have accumulated in the 401(k) and the amount you contributed to the plan?

Round answers to the nearest dollar.

a. The value of the 401(k) after 12 years is?

b. The money accumulated in the plan when reaching age 65 is?

c. The difference between the amount of money you will have accumulated in the 401(k) and the amount you contributed to the plan is?