If a company contributes 4 percent of an employee's salary to the employee's cash balance savings account at the end of the year, and the annual interest rate is 2.5 percent, what is the balance in the employee's account at the end of Year 2 if the employee's salary is $40,000 for both Year 1 and Year 2?

Answer rating: 100% (QA)

To calculate the balance in the employees cash balance savings account at the end of Year 2 ... View the full answer