Today, you celebrated your 25^th birthday. You just landed a new job at Citi Bank. Citi provides you a 401-k plan, and you decide to deposit $300 every month for 10 years. Citi matches your 401-k at 100% (matching funds are deposited annually) and pays interest at 7.2% compounded monthly. At the end of 15 years, you change the job to JP Morgan Chase, and you decide not to roll-over your 401-k to Chase. The money continues to earn interest at the specified rate when you are working at Citi.

You join Chase on your 40^th birthday. At Chase, you contribute 7% of your salary to the 401-k; deposits are made annually. Your starting salary at Chase is $70,000 and you expect to earn 2.5% pay raise every year. Chase matches your 401-k at 100% (matching funds are deposited annually) and pays interest at 6% per year compounded monthly. You retire from Chase when you reach 65.

While at chase, you get a letter from your previous employer, Citi stating that beginning your 50^th birthday, the interest rate on your 401-k at Citi will go down from 7.2% compounded monthly to 4.8% compounded monthly. Since the new interest rate is lower than the interest rate at Chase, on your 50^th birthday, you roll over the balance from Citi 401k to Chase 401k.

You had a hardship withdrawal of $50,000 at age 55. The money was returned to account at age 60.

On your 65th birthday, and you stop contributing to 401-k. Assume that you leave the money at Chase and not rollover to a retail account like Fidelity. The money will continue to earn interest.

1. Determine the total account balance (including company match) in your Chase account on your 65^th birthday?

2. After you reach age 70, you start withdrawing $6,000 every month until death. Also, you withdrew $30,000 (a one-time withdrawal for the birthday party) on your 75^th birthday. Determine the balance in the account on your 90th birthday?