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Author Question: Solve the problem. Round to the nearest dollar. Suppose that between the ages of 28 and 39, you ... (Read 163 times)

Pea0909berry

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on: Feb 2, 2020
Solve the problem. Round to the nearest dollar.

Suppose that between the ages of 28 and 39, you contribute $3000 per year to a 401(k) and your employer matches this contribution dollar for dollar on your behalf. The interest rate is 8.75% compounded annually.
(a) What is the value of the 401(k), rounded to the nearest dollar, after 11 years?
(b) Suppose that after 11 years of working for this firm, you move on to a new job. However, you keep your accumulated retirement funds in the 401(k). How much money, to the nearest dollar, will you have in the plan when you reach age 65?
(c) What is the difference between the amount of money you will have accumulated in the 401(k) and the amount you contributed to the plan?
◦ (a) The value of the 401(k) after the 11 years is approximately $51,979.
(b) You will have approximately $9,639,232 in the 401(k) when you reach age 65.
(c) $9,606,232
◦ (a) The value of the 401(k) after the 11 years is approximately $51,979.
(b) You will have approximately $4,819,570 in the 401(k) when you reach age 65.
(c) $4,786,570
◦ (a) The value of the 401(k) after the 11 years is approximately $103,959.
(b) You will have approximately $9,639,232 in the 401(k) when you reach age 65.
(c) $9,606,232
◦ (a) The value of the 401(k) after the 11 years is approximately $103,959.
(b) You will have approximately $4,819,570 in the 401(k) when you reach age 65.
(c) $4,786,570
Thinking Mathematically ¦ Blitzer ¦ 6th Edition
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Marked as best answer by Pea0909berry on Feb 2, 2020

aadams68

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Reply #1 on: Feb 2, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Pea0909berry

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Reply 2 on: Feb 2, 2020
Great answer, keep it coming :)

rachel

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Reply 3 on: Yesterday
Gracias!

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