Cheryl is looking to calculate how much her retirement savings would grow to from her monthly payroll-deducted contribution to her 401(k) plan. Her asset allocation has averaged 7% APY over the past 15 years in the same balanced fund. She has contributed $400 at every paycheck in the past 15 years and plans to continue for 15 more years before retirement. What is the computation?

Answer rating: 100% (QA)

To calculate how much Cheryls retirement savings would grow to we need to consider the monthly contributions she has made over the past 15 years and t... View the full answer