Jolene works for a company that does not offer retirement matching. For the last 16 years, Jolene has been depositing $150 into

Question

4 years ago

14

Jolene works for a company that does not offer retirement matching. For the last 16 years, Jolene has been depositing $150 into

her 401(k) savings account that pays 5.99% interest annually. After 16 years, how much money has been deposited into the 401(k) by Jolene?
Round your answer to the nearest dollar.

Mathematics

1 answer:

ki77a [65] · Answer 1 · 2021-12-18T04:43:47+03:00

ki77a [65]4 years ago

4 0

Answer:

$2,543.84 is your answer.

Step-by-step explanation:

What you do first is you have to figure out the 5.99% interest rate.

150 x 5.99 = 8.99

150 + 8.99 = $158.99

Now multiply that by 16

158.99 x 16 = $2,543.84 is your answer.