Question: answer missing info in cells with fill formulas Part i: You are 23 years old and decide to contribute the maximum allowable amount per year
Part i: You are 23 years old and decide to contribute the maximum allowable amount per year to your 401k each year, which is $19,500. If your 401k earns 8% each year, what will your balance be when you turn 53 years old? Part II: You have just won the state lottery and have two choices for collecting your winnings. You can collect $1,200,000 (Option 1) today or receive $300,000 (Option 2) per year for the next four years. A financial analyst has told you that you can earn 5.50% on your investments. Which option would you choose? Part III: You have decided that you would like to buy a townhouse in 8 years and will need a down payment of $30,000. How much do you need to save each year if your savings account returns an interest rate of 3.50%
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