Your friend is able to invest $90 a month in a 401(k) with a predicted growth rate of 3.5%. Your friend’s company will match 50% of your friend’s contributions.
How much does your friend’s company contribute every month?
$
(round to the nearest dollar)
Use Excel’s FV function to find the account balance after 20 years.
$
(round to the nearest cent)
How much was deposited over 20 years by your friend? By the company?
Your friend's contributions: $
(round to the nearest dollar)
The company's contributions: $
(round to the nearest dollar)
How much did your friend earn in interest?
$
(round to the nearest cent)
