Tina contributes 9.5% of her monthly salary towards her 401(k) and her employer matches her contribution up to 5.4% of her annual salary. if the interest rate of her 401(k) is 8.1% compounded monthly and her monthly salary is $2,461, determine the amount in her account after 25 years. round to the nearest cent.

a.

$339,804.33

b.

$354,452.86

c.

$344,941.24

d.

$347,269.59

  b.  $354,452.86

Step-by-step explanation:

Together with her employer, Tina contributes 9.5% + 5.4% = 14.9% of her monthly salary to her 401(k) plan. That is ...

  $2461·0.149 = $366.69

Then the future value of her investment will be ...

  FV = P((1 +r/12)^(12t) -1)/(r/12) . . . . r is annual rate; t is years

  FV = $366.69·((1 +0.081/12)^(12·25) -1)/(0.081/12) ≈ $354,452.86

c

step-by-step explanation:

c

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