Answered
Starting today, Stephen is going to contribute $200 on the first of each month to his retirement account. His employer will contribute an additional 50% of the amount Stephen contributes. If both Stephen and his employer continue to do this and he can earn a monthly rate of 0.75%, how much will Stephen have in his retirement account 40 years from now?
A) $936,264
B) $943,286
C) $1,404,396
D) $1,414,929
E) $1,672,413
On Jun 09, 2024