How much money will joe accumulate by the time he retires

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Question

Suppose Joe contributes the minimum amount of money to his 401(k) each month to get the maximum contribution from his employer. Joe is 26 years old, and he would like to retire when he's 65 years old.

How much money will Joe accumulate by the time he retires? Assume his investments will earn an interest rate of 6%, which is a reasonable inflation-adjusted return for a diversified investment portfolio

Reference no: EM132891411

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