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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Answer:
D. $1,414,929
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