Question
Suppose you get a job offer from an investment bank, and your compensation package is the following: -Your annual income (including salary and bonus) will
Suppose you get a job offer from an investment bank, and your compensation package is the following:
-Your annual income (including salary and bonus) will be $70,000, among which $49,000 is the basic salary and $21,000 is the end-of-year bonus.
-Your employer will match your deposit in your 401k plan, but the amount of match money will be capped by 6% of your salary.
You decide to input 8% of your salary in your 401k account each month and expect to make a 10% return. If you want are 22 and want to retire at 65, how much money will you have in your 401k account?
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