Gina has an opportunity to save $160 per month at an APR of 6.9% in a 401k plan through work. She plans to retire in 15 years. The income taxes are at 32% for her.
(1) Use Excel's FV function to determine how much her investment will be worth when she retires based solely on her contributions
(Express your answer rounded correctly to the nearest cent!)
$
(2) How much will Gina have deposited into the account by the time she retires?
(Express your answer rounded correctly to the nearest cent!)
$
(3) How much interest will Gina have earned on her investment by the time she retires? Use Excel's FV function to help answer this question
(Express your answer rounded correctly to the nearest centi)
$26.40
If you haven't answered the question correctly in 3 attempts, you can get a hint.