Question: do not use excel When you take your first job, you decide to start saving right away for your retirement. You put $5.000 per year

do not use excel do not use excel When you take your first job, you decide

When you take your first job, you decide to start saving right away for your retirement. You put $5.000 per year into the company's 401(k) plan, which averages 8% interest per year. Five years later, you move to another job and start a new 401(k) plan. You never get around to merging the funds in the two plans. If the first plan continued to earn interest at the rate of 8% per year for 35 years after you stopped making contributions, how much is the account worth? (a) Draw a cash-flow diagram for this situation. (b) Can you buy a house that worths $400,000 with this account

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