Question: please help im so lost Challenge question in the chapter text, we dealt exclusively with a single lump sum but often we may be looking
Challenge question in the chapter text, we dealt exclusively with a single lump sum but often we may be looking at several lump-sum values simultaneously. Let's consider the retirement plan of a couple Currently, the couple has four different investments: a 401(k) plan, two pension plans, and a personal portfolio. The couple 8 year way from retirement . They believe they have sufficient money in their plans today so that they do not have to contribute to the plans over the next 8 years and will meet their $2 milion retirement goal. Here are the current values and growth rates of their plans: 401) 390.000 growing at Pension Plan One $285.000 growing at 7.25% Pension Plan Two $187.000 growing at 7.75% Personal Portfolio: $168.000 growing at 8.5% Does the couple have enough already invested to make their goal in 8 years? Hint View each payment as a separate problem, and find the future value of each umum 3 years from now. Then add up all the future values What is the value of the 401(K) 6 years from now? (Round to nearest cent)
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