You recently began working for an employer that provides a 401(k) plan, which you are joining. You

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You recently began working for an employer that provides a 401(k) plan, which you are joining. You have decided to put $400 per month into the 401(k) plan, on each of your monthly payroll dates. If you invest aggressively, you believe you can earn 9% per year on your retirement savings for the next 32 years.

What will your total value be at the end of the 32 years?

[Note: remember to change your rate and number of periods to the monthly amounts, since your deposits to the 401(k) plan occur on a monthly basis.]

Related Book For answer-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0134141084

11th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs

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Posted Date: Sep 13, 2023 02:53 AM

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You recently began working for an employer that provides a 401(k) plan, which you are joining. You

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To calculate the future value of your 401k plan taking into account monthly contributio... View the full answer

Contemporary Business Mathematics with Canadian Applications

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