Question: Lori, age 2 2 , earns $ 5 0 , 0 0 0 per year and she invests 6 % of her salary, $ 3

Lori, age 22, earns $50,000 per year and she invests 6% of her salary, $3,000 annually, through her employer sponsored 401(k) retirement account. Because her employer also contributes $0.50 for every dollar she contributes, Lori is saving $4,500 each year ($3,000+ $1,500). Even if she never increases her 401(k) contributions, how much money will she have in the account after 40 years if she earns an 8% annual return? (assume no pay increases for simplicity)--*** Hint: use Appendix A-3 in text.

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