Question
Q: You deposit $500/month to a 401-k that pays interest at 4.8% per year CM. Deposits are made end of every month. The company matches
Q: You deposit $500/month to a 401-k that pays interest at 4.8% per year CM. Deposits are made end of every month. The company matches your contribution at 100% of your contribution. However, they will deposit the match once a year, and the deposits are made to the same account. Also, you had two hardship withdrawals of $10,000 at the end of 10th year and $15,000 at the end of 15th year. Both hardship withdrawals were returned to the account at the end of 20th year (deposit = $25,000).
What is the Total Account Balance (you are vested now) at the end of 25 years?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started