Suppose Joe earns $39,000 per year, and he is paid monthly. His employer offers a 401K plan with 50% matching up to 9% of salary. What is the minimum amount of that Joe needs to contribute to his 401K each month to get the maximum contribution from his employer?

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Edit File Tab View History Bookmarks People Window Help A chegg.com/homework-help/questions-and-answers/1-point-joe-earns-39-000-per-year-s-paid-monthly-em school Competency-based Charlotte School Covid DLC Strongmind accessibility drexel = Chegg Study Textbook Solutions Expert Q&A Study Pack Practice Question: (1 point) Joe earns $39,000 per year, and he's paid monthly al bookmu 1. (1 point) Joe earns $39,000 per year, and he's paid monthly. His employer offers a 401(k) plan with 50% matching up to 9% of salary. What is the minimum amount of money that Joe needs to contribute to his 401(k) each month to get the maximum contribution from his employer? 2. (1 point) Suppose Joe contributes the minimum amount of money to his 401(k) to get the maximum contribution from his employer. How much money will his employer contribute to his 401(k) each month? 3. (2 points) Suppose Joe contributes the minimum amount of money to his 401(k) each month to get the maximum contribution from his employer. Joe is 26 years old, and he would like to retire when he's 65 years old. How much money will Joe accumulate by the time he retires? Assume his investments will earn an interest rate of 6%, which is a reasonable inflation-adjusted return for a diversified investment portfolio 4. (1 point) Lauren earns $52,800 per year, and she's paid monthly. Lauren's employer offers a 401(k) plan, and her employer will contribute 5% of her salary provided Lauren contributes at least 9%. What is the minimum amount of money that Lauren needs to contribute to her 401(k) each month to get the contribution from her employer? 5. (1 point) Suppose Lauren contributes the minimum amount of money to her 401(k) to get the contribution from her employer. How much money will her employer contribute to her 401(k) each month? 6.(2 points) Suppose Lauren contributes the minimum amount of money to her 401(k) each month to get the contribution from her employer. Lauren is 26 years old, and she would like to retire when she's 65 years old How much money will Lauren accumulate by the time she retires? Assume her investments will earn an interest rate of 6%, which is a reasonable inflation-adjusted return for a diversified investment portfolio 7.12 points) Will Joe and Lauren have enough money to retire when they're 65 years old? You should use the 4% Rule to determine how much money they can safely withdraw from their retirement accounts each year when they're retired. Then you have to decide whether this amount of money is enough to pay for their annual living expenses in retirement. Provide reasons to support your decision View comments > Expert Answer W otv MacBook Air Edit File Tab View History Bookmarks People Window Help A chegg.com/homework-help/questions-and-answers/1-point-joe-earns-39-000-per-year-s-paid-monthly-em school Competency-based Charlotte School Covid DLC Strongmind accessibility drexel = Chegg Study Textbook Solutions Expert Q&A Study Pack Practice Question: (1 point) Joe earns $39,000 per year, and he's paid monthly al bookmu 1. (1 point) Joe earns $39,000 per year, and he's paid monthly. His employer offers a 401(k) plan with 50% matching up to 9% of salary. What is the minimum amount of money that Joe needs to contribute to his 401(k) each month to get the maximum contribution from his employer? 2. (1 point) Suppose Joe contributes the minimum amount of money to his 401(k) to get the maximum contribution from his employer. How much money will his employer contribute to his 401(k) each month? 3. (2 points) Suppose Joe contributes the minimum amount of money to his 401(k) each month to get the maximum contribution from his employer. Joe is 26 years old, and he would like to retire when he's 65 years old. How much money will Joe accumulate by the time he retires? Assume his investments will earn an interest rate of 6%, which is a reasonable inflation-adjusted return for a diversified investment portfolio 4. (1 point) Lauren earns $52,800 per year, and she's paid monthly. Lauren's employer offers a 401(k) plan, and her employer will contribute 5% of her salary provided Lauren contributes at least 9%. What is the minimum amount of money that Lauren needs to contribute to her 401(k) each month to get the contribution from her employer? 5. (1 point) Suppose Lauren contributes the minimum amount of money to her 401(k) to get the contribution from her employer. How much money will her employer contribute to her 401(k) each month? 6.(2 points) Suppose Lauren contributes the minimum amount of money to her 401(k) each month to get the contribution from her employer. Lauren is 26 years old, and she would like to retire when she's 65 years old How much money will Lauren accumulate by the time she retires? Assume her investments will earn an interest rate of 6%, which is a reasonable inflation-adjusted return for a diversified investment portfolio 7.12 points) Will Joe and Lauren have enough money to retire when they're 65 years old? You should use the 4% Rule to determine how much money they can safely withdraw from their retirement accounts each year when they're retired. Then you have to decide whether this amount of money is enough to pay for their annual living expenses in retirement. Provide reasons to support your decision View comments > Expert Answer W otv MacBook Air