You have recently signed up for a new job and noticed this policy for retirement savings. Invest $200 and the employer does 70% matching for 35 years at an interest rate of 4.8%.

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Complete Question

You have recently signed up for a new job and noticed this policy for retirement savings. Invest $200 and the employer does 70% matching for 35 years at an interest rate of 4.8%.

Find the total amount that the employer contributes each month.

$349

Step-by-step explanation:

Your Investment per month = $200

Your Employer's contribution per month = 70%

Your Employer's contribution = $200 × 70%

= $140

Therefore, the total amount that the employer contributes each month is $140