Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You would like to retire in 30 years by investing in your 401(k) plan at work. You make $50,000. Your employer will match dollar for
You would like to retire in 30 years by investing in your 401(k) plan at work. You make $50,000. Your employer will match dollar for dollar up to 5% of what you contribute, so you elect to contribute 5% of your salary to your 401(k). You will make monthly contributions to your 401(k).
After reviewing the 401(k) investment choices, you expect to get a 9.5% return.
Assuming you get no increases in salary in 30 years, how much will you have in your 401(k) in 30 years?
A. | $847,097 | |
B. | $828,982 | |
C. | $952,211 | |
D. | $926,543 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started