Business, 30.06.2020 16:01 bjbass899

The Importance of Starting Early. Because 401(k) accounts and annuities are an example of the power of compound interest, an amazing amount of growth occurs in the later years of the 401(k) or annuity. This can be calculated with the formula
Balance after nt deposits = 12M*((1+) "8) – 1)/r.
1. Lulu started saving $200/month in a 401(k) earning 6% interest compounded monthly when she was 45 years old. How much will be in her account when she retires at age 65?
2. How much money did Lulu deposit into her account over the course of the 20 years?
3. What dollar amount of interest did her account earn?
4. Murphy started putting $100/month into his 401(k) earning 6% APR when he was 25 years old. How much will be in his account when he retires at age 65, if interest is compounded monthly?
5. How much money did Murphy deposit into his account over the course of the 40 years?
6. What dollar amount of interest did his account earn?
7. Murphy's account earned how much more interest than Lulu's account?

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The Importance of Starting Early. Because 401(k) accounts and annuities are an example of the power...