Ed wants to start saving for retirement by investing in his 401(k). Over the next 30...

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Ed wants to start saving for retirement by investing in his 401(k). Over the next 30 years, he wants to save up a total of $1,000,000. He will make contributions from his monthly paychecks (his annual salary is $144,000) and his employer will match 25% of his contributions. What percent of each monthly paycheck does he need to contribute to his 401(k) to meet his goal, if his account earn 8% interest? O 3.47% O 3.12% 4.86% O 4.47% Ed wants to start saving for retirement by investing in his 401(k). Over the next 30 years, he wants to save up a total of $1,000,000. He will make contributions from his monthly paychecks (his annual salary is $144,000) and his employer will match 25% of his contributions. What percent of each monthly paycheck does he need to contribute to his 401(k) to meet his goal, if his account earn 8% interest? O 3.47% O 3.12% 4.86% O 4.47%

Answer rating: 100% (QA)

486 Explanation As follows This was calculated with your current contribution of 699840 per year and ... View the full answer