Question

Richard has enrolled in a 401(k) savings plan. He intends to deposit $250 each month; his employer does not contribute to his account. How much will be in his account in 20 years?

Answer 1

Answer:

Richard will have $60,000 in his account in 20 years.

Step-by-step explanation:

(1) Multiply $250 x 12

(2) Multiply the answer of $250 x 12 which is 3000 by 20

(3) Final answer would be $60,000