Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

image

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.

Step by Step Solution

3.36 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Marketing And Export Management

Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr

8th Edition

1292016922, 978-1292016924

More Books

Students also viewed these Mathematics questions