Your employer offers a 401(k) plan with a 10% match, and you set a goal of retiring in 26 years with an amount of money

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899604
Joined: Mon Aug 02, 2021 8:13 am

Your employer offers a 401(k) plan with a 10% match, and you set a goal of retiring in 26 years with an amount of money

Post by answerhappygod »

Your Employer Offers A 401 K Plan With A 10 Match And You Set A Goal Of Retiring In 26 Years With An Amount Of Money 1
Your Employer Offers A 401 K Plan With A 10 Match And You Set A Goal Of Retiring In 26 Years With An Amount Of Money 1 (18.09 KiB) Viewed 20 times
Your employer offers a 401(k) plan with a 10% match, and you set a goal of retiring in 26 years with an amount of money which has the same buying power that 1.6 million dollars has today. If the account earns an annual interest rate of 1,8% and the expected annual rate of inflation is 1.8%, how much should YOU contribute each month to the 401(k)? Round your answer to the nearest dollar.
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”