Today, you celebrated your 30th birthday. Ford Motors You just landed a new job at Ford Motor Company. Ford provides you a 401-k plan, and you decide to deposit $250 every month for 15 years. Ford matches your contribution at 100% (matching funds are deposited annually). After 15 years of service at Ford, you join Volkswagen (VW), and you decide to roll- over your entire 401-k to VW. The Ford 401-k pays interest at 6.6% compounded monthly. Volkswagen At Volkswagen, you contribute 6% of your salary to the 401-k; deposits are made annually. Your starting salary at Volkswagen is $75,000 and you expect to earn 2% pay raise every year. Volkswagen matches your 401-k at 75% (matching funds are deposited annually). You had a hardship withdrawal of $50,000 at age 52. That money was returned to account at age 58. You work for VW for 20 years and then retire. You do a trustee to trustee rollover of your retirement account from VW to Charles Schwab. Volkswagens 401-k account pays interest at 7.4% compounded quarterly. Charles Schwab That retirement account at Schwab pays interest at 7.2% compounded monthly. You leave the account at Schwab for the rest of your life. You withdraw $60,000 from your account on your 67th birthday; that money is not returned to the account. Beginning your 70th birthday, you sign up for a monthly annuity to last for 20 years so that the account balance is $1,340,000 on your 90th birthday. 1. What is the total money that was rolled over from Ford to VW? 2. What is the account balance on your 50th birthday? 3. What is the total money rolled over from VW to Schwab? 4. What is the account balance on your 70th birthday. 5. How much will you withdraw every month from your account between the ages of 70 and 90?