Account earns annual interest rate

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Reference no: EM131935568

Your employer offers a 401(k) plan with a 38% match, and you set a goal of retiring in 33 years with an amount of money which has the same buying power that 1.6 million dollars has today. If the account earns an annual interest rate of 1.4% and the expected annual rate of inflation is 1.2%, how much should you contribute each month to the 401(k)?

Reference no: EM131935568

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