DealsToday offers its employees a 401(k) plan. The company matches employee contributions at 90% up to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
DealsToday offers its employees a 401(k) plan. The company matches employee contributions at 90% up to 8%. Gary just started working for DealsToday. His annual salary is $46,125, and he's paid monthly. Gary would like to have $250,000 in his 401(k) when he retires in 24 years. If his investments earn 7.25%, what percent of his salary should he contribute to his account? O 1.70% 4.43% 7.73% O 3.24% DealsToday offers its employees a 401(k) plan. The company matches employee contributions at 90% up to 8%. Gary just started working for DealsToday. His annual salary is $46,125, and he's paid monthly. Gary would like to have $250,000 in his 401(k) when he retires in 24 years. If his investments earn 7.25%, what percent of his salary should he contribute to his account? O 1.70% 4.43% 7.73% O 3.24%
Expert Answer:
Answer rating: 100% (QA)
Future Value required by Gary in 24 years 250000 Calculating the Periodic Monthly ... View the full answer
Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
Posted Date:
Students also viewed these accounting questions
-
For each rational function in Problem, (A) Find the intercepts for the graph. (B) Determine the domain. (C) Find any vertical or horizontal asymptotes for the graph. (D) Sketch any asymptotes as...
-
Mercedes and Alejandro have lived in Toronto, Ontario for the last 25 years since immigrating to Canada from South America in 1993. Married in 1989, the couple both work outside the home and enjoy an...
-
Jen and Berry's sells ice-creams from its factory-shop in Petone. There is a managing director (Maynard Dibble), a marketing manager (Mary Salman) and a production manager (Peter Pritchard). Maynard...
-
Bobby is a baseball player who earns $1 million a year playing for team X. If he werent playing baseball for team X, he would be playing baseball for team Y and earning $800,000 per year. If he...
-
Can lean systems enhance a worker's quality of life? Discuss how it might or might not.
-
You are a manager at a low-cost airline that is planning to serve Charleroi Airport. Your airline has the option of serving Brussels Airport International Airport, the main airport serving Belgium,...
-
Carbon monoxide is measured in San Francisco on five different days, and the mean of those five values is 0.62 parts per million. Four of the values (in parts per million) are 0.3, 0.4, 1.1, and 0.7....
-
The Elegant Table sells china, glassware, and other gift items that are subject to an 8 percent sales tax. The shop uses a general journal and a sales journal similar to those illustrated in this...
-
The environment in which reverse logistics has to be managed is vastly different from the forward logistics environment. Forward logistics works off sales and marketing forecasts to plan the optimal...
-
A distillation column can be purchased and installed for P 2,000,000. It will incur P35,000 in operations and maintenance expenses and yet can start generating revenues of P125,000 each month as soon...
-
Solve the following differential equation 2. 2x dy dr =3-x -
-
Show that 1+2+z+...+ 2n = and deduce that 1-n+1 1-z 1 + cos 0 + cos 20 + + cos no - 1 2 for any complex number z except z = 1, sin[(n + 1)0] 2 sin (2) + 3 0 < 0 < 2T.
-
So, what do you do? Let's assume you can't charge riders more, and you're tasked with maximizing the company's total net revenue for Toledo for the first 12 months after launch. The core question is:...
-
Show that each of the following sets are linearly dependent by finding a nontrivial linear combination that equals the zero vector. (a) (1,0), (2.0), (0.1) (b) (1,2,3), (4,0,-1), (-5, 6, 11). For...
-
A) What is magnitude______N B) Direction? +x-direction or -x-direction C) Is this force attractive or repulsive? The dipole moment of the water molecule (HO) is 6.17 x 10-30 C. m. Consider a water...
-
15. Explain the concept of a "minimum wage" and how it can cause unemployment.
-
7T Find the length of the curve (t) = < 56 cos(4t), -74, 56 sin(4t) >, for 0t 4 Note: Write answer in terms of , not in decimal approximation. You may write Pi, pi or Arc Lenth is L=
-
A manufacturer can sell product 1 at a profit of $20 per unit and product 2 at a profit of $40 per unit. Three units of raw material are needed to manufacture one unit of product 1, and six units of...
-
Rebecca and Walter Bunge have been married for 5 years. They live at 883 Scrub Brush Street, Apt. 52B, Las Vegas, NV 89125. Rebecca is a homemaker and Walt is a high school teacher. Rebeccas Social...
-
Deborah purchases a new $30,000 car in 2014 to use exclusively in her business. If Deborah does not elect to expense in 2014 and holds the car until it is fully depreciated, how many years will this...
-
Your supervisor has asked you to research the following situation concerning Shanita Mauer. Shanita worked and lived in Los Angeles, CA. She accepted a new position with her firm in Dallas, TX....
-
At a point \(P\) in a body, Cartesian stress components are given by \(\sigma_{x x}=80 \mathrm{MPa}, \sigma_{y y}=-40\) \(\mathrm{MPa}, \sigma_{z z}=-40 \mathrm{MPa}\), and \(\tau_{x y}=\tau_{y...
-
The state of stress at a point in the \(x y z\) coordinates is Determine the stress matrix relative to the \(x^{\prime} y^{\prime} z^{\prime}\) coordinates, which is obtained by rotating the \(x y...
-
Calculate the principal direction corresponding to \(\sigma_{3}=-2\) in example 5.4. Data From Example 5.4: For the stress matrix given below, determine the principal stresses. 3 1 11 [0]=102 1 2 0
Study smarter with the SolutionInn App