Question
Between the ages of 22 and 37, you deposit $300 per month into a 401K and your employer matches your contributions dollar for dollar. The
Between the ages of 22 and 37, you deposit $300 per month into a 401K and your employer matches your contributions dollar for dollar. The interest rate is 6% compounded monthly. 1.) What is the value of your 401K after 15 years? 2.) Suppose you resign from your position after 15 years with the company, but your money remains in the account and continues to earn interest at the same rate. With no further deposits, how much will be in the account when you retire at age 67? 3.) What is the difference between the amount of money in the 401K and the amount you contributed? Include commas, a dollar sign, and round to cents.
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