Reference no: EM132856043
You plan to open a retirement account. Your employer will match 50 percent of your deposits up to a limit on the match of $2,500 per year. You believe the fund will earn 12 percent per year over the next 30 years, and you will make 30 deposits of $5,000, plus 50 percent employer matching, totaling $7,500 per year.
a. How much money will be in the account immediately after the last deposit?
b. How much total money will you put into the fund?
c. How much total money will your employer put into the fund?
d. How much will be the total investment earnings?
e. If you want the account to last for 30 years (30 withdrawals), starting 1 year after the last deposit, what amount will you be able to withdraw each year?
f. If you want the account to last forever, what amount will you be able to withdraw each year?
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