Question
Alex was able to contribute to a 401K at his first job until the age of 30. The account had $24,000 when contributions stopped.
Alex was able to contribute to a 401K at his first job until the age of 30. The account had $24,000 when contributions stopped. The money continued to earn interest, compounded quarterly, at a rate of 5.5%/year for the next 25 years. How much money will be in the account at that time. (Note: Alex will not make any more deposits into the account, the only increase in funds will be through interest.) Include units in your answer and round to two decimal places.
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