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Assume you are 25 and earn $41,500 per year, never expect to receive a raise, and plan to retire at age 55. If you invest

Assume you are 25 and earn $41,500 per year, never expect to receive a raise, and plan to retire at age 55. If you invest 5 percent of your salary in a 401k plan returning 7 percent annually, and the company provides a $0.50 per $1.00 match on your contributions up to 3 percent of salary, what is the estimated future value of your 401k account? Once you retire, how much can you withdraw monthly if you want to deplete your account over 25 years?

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