How much did each have at retirement age

Assignment Help Finance Basics

Reference no: EM131965403

Question: David began working at ABC Corp when he was 25 years old. He began contributing $1000 per month into the 40 1k plan offered by his company. He put the money into the account at the end of each month. He earned 4% interested compounded monthly. He continued to do this until he quit the job at age 40. He then let the money sit until he was 65 years old. He earned an annual interest rate 8% on this account, compounded annually. Donna began working at ABC Corp when she was 42 years old and contributed $5.500 at the end of each year, earning 4.5% interest annually, until she retired at the age of 65. How much did each have at retirement age?

Reference no: EM131965403

Questions Cloud

What is the marginal cost per pair : K-Too Everwear Corporation can manufacture mountain climbing shoes for $43.13 per pair in variable raw material costs and $25.55 per pair in variable labor.

Sequential sectors on the outer-most tracks of the disk : Suppose I have a disk such as the 320GB SATA drive described in Figure 12.9 on page 381 and I have a workload consisting of 10000 reads to 10000 sequential

How much will david collect from insurer : David owns a commercial building with an ACV of $3,600,000. The building is insured for $2,160,000 under a standard fire policy that has an 80% coinsurance.

Describe the violation and the penalties : Describe the violation and the penalties that were imposed - Explains the FMLA in relation to employer issues of concern, explains an employers violation

How much did each have at retirement age : David began working at ABC Corp when he was 25 years old. He began contributing $1000 per month into the 40 1k plan offered by his company.

Ethics and codes of professional conduct : What are the differences between ethics and codes of professional conduct?

Different levels of protection of communication : Explain the different levels of protection of communication and the channel, the attributes of security, confidentiality, integrity, and availability.

Discuss merits of the different authentication methods : Discuss the merits of the different authentication methods you might use for your organization. Include such points as how you will authenticate local users

Advantages of using digital codes : What are some of the advantages of using digital codes when you are designing digital systems? Provide examples that support your answer.

User Account

All Pages