Question
Louis is 35 years old and is looking to retire in 25 years. He has just become eligible for his employers Defined-Contribution Pension Plan (DCPP).
Louis is 35 years old and is looking to retire in 25 years. He has just become eligible for his employers Defined-Contribution Pension Plan (DCPP). He will contribute $500 per month at the end each month and his employer will match this amount.
If Louis can earn a 6% return, compounded monthly on his investment, how much will he have in total at retirement if he counts both his and his employers contributions?
- $643,768
- $653,098
- $692,994
- $674,988
The answer is $692,994, but I would like to know the steps to get it
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The Underground Credit Builders Handbook What You Need To Know To Build Personal And Business Credit Successfully
Authors: Fourth Dimension
1st Edition
0998060909, 978-0998060903
