Your employer offers a 401(k) plan with a 23% match, and you set a goal of retiring in 34 years with an amount of money which has the same buying power that 1.1 million dollars has today. If the account earns an annual interest rate of 1% and the expected annual rate of inflation is 1.7%, how much should YOU contribute each month to the 401(k)?
Your employer offers a 401(k) plan with a 23% match, and you set a goal of retiring in 34 years with an amount of money which has the same buying power that 1.1 million dollars has today. If the account earns an annual interest rate of 1% and the expected annual rate of inflation is 1.7%, how much should YOU contribute each month to the 401(k)?
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 12E
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Your employer offers a 401(k) plan with a 23% match, and you set a goal of retiring in 34 years with an amount of money which has the same
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