What will be the total savings in nicole pension fund

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Problem 1: Nicole is a member of a defined contribution pension plan. Both she and her employer contribute 5% of her salary to the plan each year; her salary is $45,000. Nicole's pension assets are valued at $80,000 and Nicole intends to retire at the end of four years. If the contributions are made at the end of each year, Nicole's salary remains the same and the investment return is 8%, what will be the total savings in Nicole's pension fund at retirement?

a) $112,894

b) $118,978

c) $129,117

d) $130,739

Reference no: EM132622318

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