Question: Alison makes $ 8 5 , 0 0 0 a year. Her employer offers her a 5 % match into her 4 0 1 k

Alison makes $85,000 a year. Her employer offers her a 5% match into her 401k retirement fund (meaning that she contributes 5% of her income and her employer also contributes 5% of her salary). She also expects her salary to increase by 2% each year (excatly every 12 months. In excel increase the contribution on month 1 of each year). If she contributes every month into her 401k for the next 40 years, and she earns 12% interest, how much will Alison have in her 401k by the time she retires?
Group of answer choices
$928,027,000,000
$8,416,000
$9,775,000
$340,000

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