Happy birthday! Today, you celebrated your 22nd birthday. You just landed a new job at Key Bank. Key Bank: Key offers you a 401-k plan. You contribute to the plan at $300 every month. Key matches your contribution at 75%, and the funds are deposited annually. You work for Key Bank for 10 years and then join JP Morgan Chase. You decide to roll-over your entire 401-k to Chase. The 401-k account at Key Bank pays interest at 7.2% compounded monthly. Chase Bank: Your salary is $70,000 per year and expect to get a pay raise of 4% per year. Chase also offers you a 401-k plan for which you contribute 6% of your salary with deposits made annually. Chase matches your contribution at 66.6667% and matching funds are deposited annually. You work at Chase for 23 years and then you join Fifth Third Bank. You leave your 401-k at Chase, where it continues to earn interest even after you leave them. During your tenure at Chase, you had a hardship withdrawal of $90,000 at age 45. The entire money was returned to the account at age 50. The 401-k at Chase pays interest at 8% per year compounded quarterly. Fifth Third Bank: At Fifth Third, you contribute $400 every month to their 401-k. Fifth Third matches at 100% and deposits the money annually. You work for Fifth Third until you retire at age 65. The 401-k at Fifth Third pays interest at 6.0% per year compounded monthly. On your 65th birthday, you roll over your 401-k accounts at Chase and Fifth Third to one account at Fidelity Investments. Fidelity Investments: Using the roller-over retirement funds, you open an account which pays interest at 0.4 percent per month. You start withdrawing $7,000 per month and continue at that rate. Write the answer to each of the following questions. Show work to get credit. a) What is the 401-k account balance on the day you left Key Bank? b) What is the total 401-k account balance on the day of your 55th birthday? c) What is the account balance of your 401-k account at Fifth Third Bank on your 65th birthday? d) What is the account value at Fidelity on the 1st day of account opening at Fidelity? e) What is the account value at Fidelity on your 85th birthday?