How much will you be contributing a month at the age of 55

Reference no: EM133558064

9.) If you start contributing to your retirement account at the age of 18 with $25 a month and you increase your contributions by $20 each year, how much will you be contributing a month at the age of 55?

10.) Retirement Options, At age 25, you start work for a company and are offered two retirement options.

Retirement Option1: When you retire, you will receive a lump sum of $25,000 for each year of service. How much will you have if you retire at age 65? How much will you have if you retire at age 55?

Retirement Option 2: When you start to work, the company deposits $10,000 into an account that pays a monthly interest rate of 2%, and interest is compounded monthly. When you retire, you get the balance of the account. How much will you have if you retire at age 65? How much will you have if you retire at age 55?

Reference no: EM133558064

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