Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information applies to the questions displayed below.) In 2019, Nina contributes 8 percent of her $144,000 annual salary to her 401(k) account. She

image text in transcribed
image text in transcribed
image text in transcribed
The following information applies to the questions displayed below.) In 2019, Nina contributes 8 percent of her $144,000 annual salary to her 401(k) account. She expects to earn a 8 percent before-tax rate of return. Assuming she leaves this (and any employer contributions) in the account until she retires in 20 years, what is Nina's after-tax accumulation from her 2019 contributions to her 401(k) account? (Use Table 1. Table 2) (Round your intermediate calculations and final answer to the nearest whole dollar amount.) . Assume Nina's marginal tax rate at retirement is 30 percent. After tax proceeds from distribution Future Value of $1 Periods 1.0% 3.0% 3.75% 4.0% 5.0% 6.0% 7.0% 104000 1.08160 1.12486 1.16986 1 21665 1.26532 1.31593 1.36857 1.42331 148024 1.53945 1.01000 1.02010 1.03030 1.04050 1.05101 1.06152 1.07214 1.08286 1.09359 1.10462 1.11567 1.12683 1.13809 1.14947 1.16097 1.17258 1.18430 1.19615 1.20811 122019 1.28243 1.34785 1.02000 1.04040 1.06121 1.08243 1.10408 1,12616 1.14869 1.17166 1.19509 1.21899 1.24337 1.26824 1.29361 1.31948 1.34587 1.37279 1.40024 1.42825 1.45681 1.48595 1.64061 1.81136 1.03000 1.06090 1.09273 1.12551 1.15927 1.19405 1.22987 1.26677 1.30477 1.34392 138422 1.42576 146853 1.51259 1.55797 1.60471 165285 1.70243 1.75351 1.80611 2.09378 2.42726 103750 1.07641 1.11677 1.15865 120210 124718 1.29395 1.34247 1.39281 1.44504 1.49923 1.55545 161378 1.67430 1.73709 1.80223 1 86981 1.93993 2.01268 2.08815 2.51017 301747 1.04250 1 DR681 1.13300 1.18115 123135 128368 1.33824 1.39511 1.45440 151621 1.58065 1.64783 1.71786 1.79087 1.86699 1.94633 2.02905 2.11529 2.20519 2.29891 283075 3.48564 1.05000 1.10250 1.15763 1.21551 1.27628 1.34010 1.40710 1.47746 1.55133 1.62889 1.71034 1.79586 188565 1.97993 2.07893 2.18287 229202 2.40662 2.52695 2.65330 338635 4.32194 1.05000 1.12360 1.19102 125248 1 33823 1.41852 1.50363 1.59385 1.68948 1790RS 1.89830 201220 2.13293 2.26090 239656 2.54035 2.69277 285434 3.02560 3.20714 4.29187 5.74349 1.07000 114490 1.22504 1.31000 1.40255 150073 1.60578 1.71819 1.83846 1.96715 2.10485 2.25219 2.40985 2.57853 2.75903 2.95216 3.15882 3.37993 3.61653 3.86968 5.42743 761226 1.60103 1.66507 1.73168 1.80094 1.87298 1.94790 2.02582 2.10685 2.19112 266584 3.24340 Periods 8.0% 9.09 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 20.0% 25.09 1.09000 1.18810 1.29503 1.41158 1.53862 1.67710 132804 1.08000 1.16600 1.25971 1.36049 1.46933 1.58687 1.71382 1.85093 1.99900 2.15892 2.33164 2.51817 271962 2.93719 3.17217 3.42594 3.70002 3.99602 4.31570 4.66096 6.84848 10.06256 1.99256 2.17189 2.36736 258043 2.81266 3.06580 3.34173 3.64248 397031 4.32763 4.71712 5 14166 560441 862308 13.26758 1.10000 1.21000 1.33100 1.46410 1.61051 1.77156 1.94872 2.14359 2.35795 2.59374 2.85312 3.13843 3.45227 3.79750 4.17725 4.59497 5.05447 5.55992 6.11591 6.72750 1080471 17.44940 111000 123210 1.36763 1.51807 1.68506 1.82041 2.07616 2.30454 2.55804 2.83942 315176 3.49845 3.88328 431044 478459 5.31089 5.89509 6.54355 726334 8.06231 13.58546 22.89230 1.12000 1.25440 1.40093 1.57352 176234 1.97382 2.2106B 2.47596 2.77308 3.10585 3.47855 3.89598 4.36349 4.88711 5.47357 6.13039 6.86604 7.68997 8.61276 9.64629 17.00006 29.95992 1.13000 1 27690 1.44290 163047 1.84244 2.08195 2.35261 265844 3.00404 3.39457 3.83586 4.33452 489801 5.53475 6.25427 7.06733 7.9860B 9.02427 10.19742 11.52309 21.23054 39.11590 1.14000 1.29960 1.48154 1.68896 1.92541 2.19497 2.50227 2.85259 3.25195 3.70722 4.22623 4.81790 5.49261 6.26135 7.13794 8.13725 9.27646 10.57517 12.05569 13.74349 26.46192 50.95016 1.15000 1.32250 1.520BB 1.74901 201136 201306 2.66002 3.05902 3.51788 4.04556 465239 5.35025 6.15279 7,07571 8.13706 9.35762 10.76126 12.37545 14.23177 16.36654 32.91895 6 6.21177 1.20000 1.44000 1.72800 207360 2.48832 2.98598 3.58318 4.29982 5.15978 6.19174 7.43008 8.91610 10.69937 12 83918 15.40702 18.48843 22.18611 26,62333 31.94800 38.33760 95 39622 23737631 1.25000 1.56250 1.95313 2.44141 3.05176 3.81470 4.76837 5.9606 7.45058 9.31323 11.64153 14.55192 18 18989 22.73737 28.42171 35.52714 44.40892 55.51115 69 38894 86.73617 26469780 807.79357 2.0% 3.0% 4.0% 6.0% 7.09 Future Value of Annuity of $1 Periods 1.0% 1.00000 2.01000 3.03010 4.06040 5.10101 6.15202 7.21354 8.28567 9.36853 10.46221 11.56683 1268250 13.80933 14.94742 16.09690 17.25786 18.43044 19.61475 20.81090 22.01900 28.24320 3478489 1.00000 2.02000 3.06040 4.12161 5.20404 6.30812 7.43428 8.58297 9.75463 10.94972 12.16872 13.41209 14.68033 15.97394 17.29342 18.63929 20.01207 21.41231 22.84056 24.29737 32 03030 40.56808 1.00000 2.03000 3.09090 4.18363 5.30914 6.46841 7.66246 8.89234 10.15911 11.46388 12.80780 14. 19203 15.61779 17 08532 18 59891 20.15688 21.75159 23.41444 25.11687 26.87037 36.45926 47.57542 3.75% 1.00000 2.03750 311391 4.73058 5.38933 6.59143 7.83861 913255 10.47503 11.85784 13.31288 14,81212 16.36757 1798135 19.65565 21.39274 23.19497 25.06478 27.00471 29.01739 40.27112 53.79924 1.00000 2.04000 312160 4.24646 5.41632 6.63298 7.89829 9.21423 1058280 12.00611 13.48635 15.02581 16.62684 18.29191 20.02359 21.82453 23. 69751 25 66541 27.67123 29.77808 41.64591 56 03494 4.25% 1.00000 2.04250 317931 4.26230 5.44345 6.67430 7.95848 9.29671 10 69182 12 14622 13.66244 15.24309 16.89092 18.60879 20.39966 22.26665 24.21298 26.24203 28.35732 30.56250 43.07648 58.48553 5.0% 1.00000 2.05000 3.15250 431013 5.52563 680191 8.14201 9.54911 1102656 12.57789 14.20679 15.91713 1271298 19.59853 21.57856 23.65749 25.84037 28.13238 30.53900 33.06595 47.72710 66.43885 1.00000 2.06000 318360 437462 5.63709 6.97532 8.39384 9.89747 11.49132 13.18079 14.97164 16.86994 18.88214 2101507 23.27597 25.67253 28 212RB 30.90565 33.75999 36.78559 54.85451 79.05819 1.00000 2.07000 321490 4.43994 5.75074 715329 8.65402 10.25980 11.97799 13.81645 15.78360 17 88845 20.14064 22.55049 25.12902 27.88805 30 84022 33.99903 37 37896 40.99549 63 24904 94.46079 Periods 9.0% 100% 11.0% 12.0% 13.0% 14.0% 15.0% 20.0% 25.0% 1.00000 2.08000 3.24640 4.50611 5.86660 7.33593 8.92280 10.63663 12.48756 14,48656 16 54549 18 97713 21.49530 24 21492 27.15211 30.32428 33.75023 37.45024 41 44525 45.76196 73.10594 113.28321 1.00000 2.09000 327810 4.57313 5.98471 7.52333 9.20043 11.02847 1302104 15. 19293 17.56029 2014072 22.95338 26.01919 29 36092 33.00340 36.97370 41.30134 46.01845 51.16012 84.70090 136,30754 1.00000 210000 3.31000 464100 610510 271561 9.48717 11.43589 13.57948 15.93742 18.53117 21.38428 24.52271 27.97498 31.77248 35.94973 40.54470 45.59912 51.15909 57.27500 98.34706 164.49402 1.00000 2.11000 3.34210 470973 6.22780 7.91286 9.78327 11.85943 14.16397 16.72201 19.56143 22.71319 26.21164 30 09492 34 40536 39.18995 44.50084 50.39594 56.93949 64.20283 114.41331 199.02088 100000 1.00000 1.00000 100000 1.00000 1.00000 2.12000 2.13000 2.14000 2.15000 2.20000 2.25000 3.37400 3.40690 3.43950 3.47250 354000 3.81250 4.77933 484980 4.92114 499337 5.36800 5.76563 6.35285 6.48027 6.61010 6.74238 7.44150 8.20703 8. 11519 8.32271 8.53552 8.75374 9.92992 11.25879 10.08901 10,40466 10.73049 11.06680 12.91590 15.07349 12.29969 12.75726 13.23276 13.72682 15.49908 19.84186 14.77566 15.41571 16.08535 1678584 20.79890 25.90232 17.54874 18,41975 19 33730 20.30372 25.95868 33.25290 20.65458 2181432 23.04452 24.34928 32.15042 42.56613 24.13313 2565018 27 27075 29.00167 39.58050 54.20766 28.02911 29.98470 32.08.865 34.35192 48 49660 68.75958 32.39260 34 88271 37.58 107 40.50471 59.19592 86.94947 37 27971 40.41746 43.84241 47.58041 7203511 109.68684 42.75328 45.67173 50.08035 55.71747 87.44213 1 38. 10855 48.8836753.73906 59.11760 65.07509105 93056 173.63560 55.749716 1.72514 68.39407 7 5.83636 128.11667 218.04460 63.43968 70.74941 78.96923 88.21181 154.74000 273.55576 7205244 80.94683 91.02493 102.4435818668800342 94470 133 33387 155 61956 181.87083 212.79302 471.98108 1054.79118 241.33268 293. 19922356.78585 434.74515 1181.881573227.17427

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Eco Management The Elmwood Guide To Ecological Auditing And Sustainable Business

Authors: Ernest Callenbach, Fritjof Capra, Lenore Goldman, Rudiger Lutz

1st Edition

1881052273, 978-1881052272

More Books

Students also viewed these Accounting questions

Question

What is transmission efficiency?

Answered: 1 week ago