Solve the problem. Round to the nearest dollar.
Suppose that between the ages of 23 and 45, you contribute $3000 per year to a 401(k) and your employer contributes $1500 per year on your behalf. The interest rate is 8.1% compounded annually. (a) What is the value of the 401(k), rounded to the nearest dollar, after 22 years?
(b) Suppose that after 22 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 22 years is approximately $168,458.
(b) You will have approximately $4,797,296 in the 401(k) when you reach age 65.
(c) $4,731,296
◦ (a) The value of the 401(k) after the 22 years is approximately $168,458.
(b) You will have approximately $7,195,943 in the 401(k) when you reach age 65.
(c) $7,129,943
◦ (a) The value of the 401(k) after the 22 years is approximately $252,687.
(b) You will have approximately $4,797,296 in the 401(k) when you reach age 65.
(c) $4,731,296
◦ (a) The value of the 401(k) after the 22 years is approximately $252,687.
(b) You will have approximately $7,195,943 in the 401(k) when you reach age 65.
(c) $7,129,943
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