Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 05 Oct 2017 My Price 5.00

employer ’s retirement plan

6-9. On her thirty-first birthday, Jean invests $1,000 into her employer ’s retirement plan, and she continues to make annual $1,000 payments for 10 years. So her total contribution (principal) is $10,000. Jean then stops making payments into her plan and keeps her money in the savings plan untouched for 25 more years. Doug starts putting money aside on his forty-first birthday when he deposits $1,000, and he continues these payments until he gets to be 65 years old. Doug’s contributed principal amounts to $25,000 over this period of time.

 

If Jean’s and Doug’s retirement plans earn interest of 6% per year, how much will they have accumulated (principal plus interest) when they reach 65 years old? What is the moral of this situation? (6.4)

 

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Oct 2017 04:10 PM My Price 5.00

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