Question
Devon is young and has just graduated college with her associates degree. She plans to start saving money for retirement as soon as she starts
Devon is young and has just graduated college with her associates degree. She plans to start saving money for retirement as soon as she starts her new job. By taking 10% of her monthly gross income, Devon is able to contribute (a) $607 each month to a retirement plan. The account is expected to earn interest with an APR of 5.25% compounded monthly. Round answers to two decimal places. a. How much money will be in Devons retirement account if she continues to make the same monthly investment for 40 years? (3 pt) b. Overall, Devon contributed how much of her own money into the retirement account? (4 pt) c. What percent of the final balance in Devons retirement account was interest?
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