Business, 25.02.2021 16:20 jdeformity

With the company retirement plan, you set aside a 8% of your salary each year to a 401(k) plan, with your employer matching dollar to dollar. You make the first 401(k) contribution on your 27th birthday based on the current salary of $68,000. Assume the contributions are made annually. You expect your salary to increase 4% a year, and the expected return on the retirement account is 8% per annum. How much do you expect to have at your retirement at age 69 with the last contribution made on your 68th birthday? Hint: first find the PV of the cash flows, and convert it to a FV.

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With the company retirement plan, you set aside a 8% of your salary each year to a 401(k) plan, with...

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