Your client needs to have $3,043,950 in his retirement account in forty-one years because this is...

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Your client needs to have $3,043,950 in his retirement account in forty-one years because this is when he plans to retire. Right now, he has $10,250 in his retirement account. How much money should be contributed this year, including any employer matching, given his contribution will rise by 3% each year? Assume the bonds and stock in his retirement account will yield 8.9% annually. Your client needs to have $3,043,950 in his retirement account in forty-one years because this is when he plans to retire. Right now, he has $10,250 in his retirement account. How much money should be contributed this year, including any employer matching, given his contribution will rise by 3% each year? Assume the bonds and stock in his retirement account will yield 8.9% annually.

Answer rating: 100% (QA)

To calculate the annual contribution needed we can use the future value of a series formul... View the full answer