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Billy contributes $9,000 per year to his 401(k). His company matches 6% of his contribution. Equity funds are earning 12 percent; bond funds, 5 percent;
Billy contributes $9,000 per year to his 401(k). His company matches 6% of his contribution. Equity funds are earning 12 percent; bond funds, 5 percent; and money market funds, 2 percent. Billy plans to retire in 30 years. How much money will he have if he puts 5 percent of his money in money market funds, 15 percent in bond funds, and the rest in equity funds?
Select one:
a.
$2,328,497
b.
$2,438,941
c.
$2,281,261
d.
$1,845,302
e.
$2,028,496
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