Today is January 1. Starting today, Sam is going to contribute $140 on the first of each month to his retirement account. His employer contributes an additional 50% of the amount contributed by Sam.
If both Sam and his employer continue to do this and Sam can earn a monthly rate of 0.5%, how
Much will he have in his retirement account 35 years from now?
A) $199,459.44.
B) $200,456.74
C) $249,981.21
D) $299,189.16
E) $300,685.11
Correct Answer:
Verified
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