Johanna thinks she will be a millionaire through her contributions
Question # 00153302
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Updated on: 12/16/2015 12:36 PM Due on: 01/15/2016
Johanna thinks she will be a millionaire through her contributions to her 401(k) plan at work. Her contribution will be $10,000 at the end of the first year. She expects her salary and her contributions to grow at 3% annually. Her 401(k) portfolio will realize a 7% investment return each year. What will be the approximate value of her 401(k) at the end of 30 years? 1) .73M, 2) 1.3M, 3) 1.63M, 4) 1.78M
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Rating:
/5
Solution: Johanna thinks she will be a millionaire through her contributions