Retirement Planning Chris gets paid once a month and contributes $ 350 each pay period into his 401 ( k ) . If Chris plans on retiring in 20 years, what will be the value of his 401 ( k ) if the per annum rate of return of the 401 ( k ) is 6.5 % compounded monthly?
Retirement Planning Chris gets paid once a month and contributes $ 350 each pay period into his 401 ( k ) . If Chris plans on retiring in 20 years, what will be the value of his 401 ( k ) if the per annum rate of return of the 401 ( k ) is 6.5 % compounded monthly?
Solution Summary: The author calculates the value of Chris's 401(k) after 20 years if he contributes 350 each month and the per annum rate of return is assumed
Retirement Planning Chris gets paid once a month and contributes
$
350
each pay period into his
401
(
k
)
. If Chris plans on retiring in
20
years, what will be the value of his
401
(
k
)
if the per annum rate of return of the
401
(
k
)
is
6.5
%
compounded monthly?
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