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I am wanting to learn what functions you would use in excel to solve this problem. Such as whether you would use PV, FV, and
I am wanting to learn what functions you would use in excel to solve this problem. Such as whether you would use PV, FV, and PMT.
Megan has a monthly salary of $9,000. Her company allows her to put up to 30% of her salary into her 401(k) plan. Her company matches the first 5% she contributes to the plan on a dollar for dollar basis ( 100% match). The IRS limit for contributions to 401(k) plans is $20,500. Megan plans to contribute the full IRS limit to her 401(k). In order to maximize the amount of money Megan collects in company matching funds, how much should she contribute (in dollars) each month to the 401(k) plan? $2,700 $1,708$450 $1,126Step by Step Solution
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