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disa [49]
3 years ago
11

Matt Christopher is a 25 year old mechanical engineer earning 60,000 dollars next year. He expects his salary to increase 5% yea

rly until retirement at age 65. If he saves 10% of his salary, and invests his money in a fund earning 9% compounding interest, how much will he have in his retirement fund?
Business
1 answer:
igomit [66]3 years ago
8 0

Answer:

After 40 years of working, and savings 10% of his salary per year, and his retirement account earning a 9% compounding interest rate, Matt should have $3,984,402 in his retirement account.

Explanation:

The reason this number is so high, is that his base salary is quite high ($60,000) and it increases by 5% each year during 40 years. At the end of year 40, his salary should be $402,85 per year. The 9% compounding interest rate is also high, it means that every dollar invested next year will generate $31.41 dollars in 40 years.

I solved this question by preparing a table on excel.

Download pdf
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The factors of the process are the effectiveness of the team, conflicts at a manageable level, the commitment of each participant in the group for a common purpose and set goals for the team.

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3 0
1 year ago
why do you think governments want to influence the supply of alcohol and tobacco products by imposing excise taxes?
anastassius [24]
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4 0
4 years ago
During 20X1, the Balboa Software Company incurred development costs of $2,000,000 related to a new software project. Of this amo
sergey [27]

Answer:

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Data provided in the question:  

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3 years ago
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