question archive Starting today, Stephen is going to contribute $200 on the first of each month to his retirement account

Starting today, Stephen is going to contribute $200 on the first of each month to his retirement account

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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 eam 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

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