Question
Exactly 50 years ago, on his 50 th birthday, James left Ford and joined General Motors (GM). He transferred his entire account balance from Ford
Exactly 50 years ago, on his 50th birthday, James left Ford and joined General Motors (GM). He transferred his entire account balance from Ford to a new retirement account at GM. The GM account paid a higher interest of 9.00 percent per year compounded annually.
At General Motors, James started contributing 5% of his salary to the retirement account, deposits were made end of every year. GM matched the deposits at 75%, deposits were made end of every year. Dunlops staring annual salary at GM was $60,000. He earned an average pay raise of 4% per year. You had a hardship withdrawal of $50,000 at age 55. The money was returned to the account at age 60. Exactly 25 year ago, on his 75th birthday, James retired from work force. He transferred the entire balance of the GM retirement account to Chase Bank.
How much did James transfer from GM to Chase Bank?
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