The company has an employee retirement plan

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The company has an employee retirement plan that allows you to put 10% of your income into an account for retirement. They will match $0.50 on the dollar. (That is, for every $2 you put into the account, your company will add $1.) Your starting salary is $50,000. You expect your salary will increase by 3% every year until you retire 40 years from now. Assuming you will be able to make investments that average 5% return over this period of time, how much will you have saved for your retirement years when you leave the company?

Reference no: EM131543705

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