Sam's pension benefit is $5989/month. He invests this amount into retirement fund. The interest rate is 2.50%. Sam contributes 3.05% biweekly salary and his employer will also contribute 3.05% biweekly salary into his retirement fund. The annual cost of living adjustment is 2%. 

How much Sam's retirement account is after 5 years?

Answer rating: 100% (QA)

To calculate the retirement account balance after 5 years we need to first calculate the total amoun... View the full answer