Question: how much will be in your account on your 65th birthday? starting age is 22 what I have so far thank you and will definaly


Determine your age at graduation. After graduation, you will be offered a position making $ 57,000 per year. The company you will work for offers a 401k where the company matches your contribution to this plan of 4% per year at 75%. You will contribute 3 percent per year. What this means is for each dollar you put in, the company will match it with 75 cents. For the purpose of this assignment, you will not receive a raise between graduation day and retirement. Contribute 3% of 57,000 each year split up into bi-weekly (2 times a month) increments Matched at 0.75 cents per dollar company match (End Year) 65-22 (Start Year) =43 years of contributing to 401k (What I am putting in) 3% of (salary) 57,000 =1710 (What I am putting in) 1710 / (months) 12 = 142.5 (per month) (Per month) 142.5/2 (bi weekely) = 71.25 (bi weekly contrabution) 75% of 71.25 = 53.4375 (bi weekly match) 75% of 142.5 = 106.875 (monthly match) 75% of 1710 = 1282.5 (yearly match) There are 26 biweekly payments in one fiscal year 26 / 4 (qurters) = 6.5 Biweekly payments in one qurter 6.5" 71.25 = 463.125 My qurterly mutual fund contrabution 6.5 53.4375 = 347.3437 Matched contrabutions qurterly 463.125 + 347.3437 - 810.4687 Total qurterly contrabution to fund (personal+ company match)
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