Question
Reposting the question...please attempt it only if you understand it perfectly. I have already solved it just need to cross check. Please share detailed steps.
Reposting the question...please attempt it only if you understand it perfectly. I have already solved it just need to cross check. Please share detailed steps. Thank you!
You are starting to invest in your 401k plan at work.
Please answer the following:
Assume that you are earning $60,000 per year.
You will get 3% annual salary increases.
Assume that you will invest 10% of your salary every year.
How much will be in your 401k plan in 40 years if you have annual returns of 9%?
How much will be in your 401k plan in 40 years if your employer contributes 5% of your annual salary each year with annual returns of 9%?
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