Today is January 1. Starting today, Sam is going to contribute $140 on the first of each month to his retirement account. His employer contributes an additional 50% of the amount contributed by Sam. If both Sam and his employer continue to do this and Sam can earn a monthly rate of 0.5%, how much will he have in his retirement account 35 years from now?

A) $199,459.44.
B) $200,456.74
C) $249,981.21
D) $299,189.16
E) $300,685.11

This problem can be solved using the future value of a series formula in finance, which is used to calculate the future value of a series of cash flows at a given rate of return. Here, Sam contributes $140, and his employer contributes an additional 50% of that amount, which is $70, making the total monthly contribution $210.The formula for the future value of a series is: $$FV=P\times \frac{(1+r{)}^n-1}{r}$$ where:- $FV$ is the future value of the series,- $P$ is the payment amount per period,- $r$ is the interest rate per period,- $n$ is the total number of payments.Given:- P = $210 (Sam's contribution plus his employer's contribution),- $r=0.5\%=0.005$ (monthly interest rate),- $n=35\times 12=420$ months (since there are 35 years and 12 months in a year).Plugging these values into the formula gives: $$FV=210\times \frac{(1+0.005{)}^{420}-1}{0.005}$$ FV \approx $300,685.11 Therefore, the amount Sam will have in his retirement account 35 years from now is approximately $300,685.11.