On Alex's 5th birthday, his parents, Bryant and Sarah, start a Family 401k for Alex. As Alex

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On Alex's 5th birthday, his parents, Bryant and Sarah, start a "Family 401k" for Alex. As Alex does extra chores around the house, he earns money that he can choose to spend or invest. Any money that Alex invests in a mutual fund will be matched by Bryant and Sarah until Alex turns 18. If Alex makes $20 per month from extra chores and invests half at the end of each month into a mutual fund averaging 9% annually, how much will he have in his account 13 years later when he turns 18?

Posted Date: May 16, 2024 07:05 AM

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On Alex's 5th birthday, his parents, Bryant and Sarah, start a Family 401k for Alex. As Alex

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Alex starts investing at age 5 He turns 18 in 13 years He earns 20 pe... View the full answer

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