Question

Your employer offers a 401(k) plan with a 46% match, and you set a goal of...

Your employer offers a 401(k) plan with a 46% match, and you set a goal of retiring in 29 years with an amount of money which has the same buying power that 1.9 million dollars has today. If the account earns an annual interest rate of 1.8% and the expected annual rate of inflation is 1.3%, how much should you contribute each month to the 401(k)? Round your answer to the nearest dollar.

I Answered 2464, but the Correct Answer is 4146.0. Can someone show me how to do it correctly?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Your employer offers a 401(k) plan with a 45% match, and you set a goal of...
Your employer offers a 401(k) plan with a 45% match, and you set a goal of retiring in 32 years with an amount of money which has the same buying power that 1.4 million dollars has today. If the account earns an annual interest rate of 1.7% and the expected annual rate of inflation is 1.9%, how much should you contribute each month to the 401(k)?
Your employer offers a 401(k) plan with a 28% match, and you set a goal of...
Your employer offers a 401(k) plan with a 28% match, and you set a goal of retiring in 26 years with an amount of money which has the same buying power that 1.5 million dollars has today. If the account earns an annual interest rate of 3.7% and the expected annual rate of inflation is 1.2%, how much should you contribute each month? Round your answer to the nearest dollar.
Question 4. Jill earns $75,000 per year. Her employer offers both a Roth and traditional 401(k)...
Question 4. Jill earns $75,000 per year. Her employer offers both a Roth and traditional 401(k) plan. Assume Jill is less than 50 years old. If she contributes the maximum allowable, how much will her taxable income be if she contributes to the traditional 401 (k)? If instead Jill contributes the maximum allowable, how will her taxable income be if she contributes to a Roth 401 (k)?
1. Your employer provides a 401(k) retirement plan and matches 100% of your contributions up to...
1. Your employer provides a 401(k) retirement plan and matches 100% of your contributions up to 5%. Your annual income is $54,000 and you expect to earn an annualized 8.0% return on your investment. What is the value of your 401(k) if you contribute 5% of your annual income after 30 years? What is the value if the return on investment is at a 10.0% annualized rate? How much of a difference would it be if you stopped making contributions...
Axe company sponsors a 401(k) profit sharing plan with no employer match, but the company did...
Axe company sponsors a 401(k) profit sharing plan with no employer match, but the company did make noncontributory employer contributions because the plan was top-heavy. Jack quit today after six years working for Axe and has come to you to determine how much of his retirement balance he can take with him. The plan uses the least generous graduated vesting schedule available. What is Jack’s vested account balance if he has been a participant for 57 months? EMPLOYER EMPLOYEE CONTRIBUTIONS  ...
Danielle puts 8 percent of her paycheck in a 401(k) plan administered by her employer. Danielle...
Danielle puts 8 percent of her paycheck in a 401(k) plan administered by her employer. Danielle earns $55,000 per year and is in the 28 percent tax category. Answer the following questions by filling integers into the blanks. Round to the nearest integer and do not put “thousand separators.” a. Her annual contribution was $ . b. What annual tax savings does she get from her contribution? $ . c. If her employer matches contributions on the first 5% of...
Congratulations! Today is your 20th birthday, but you are broke. You just started working full-time, earning...
Congratulations! Today is your 20th birthday, but you are broke. You just started working full-time, earning $50,000 per year. Your goal is to have $10 million by your 65th birthday (i.e., 45 years from today). Your employer offers a 401(k) plan, and within that plan you choose to invest in an extreme low-cost S&P 500 index mutual fund (like ones offered by Schwab, Fidelity, Vanguard, etc.). The long-term expected return on the S&P 500 index mutual fund is 10% per...
Congratulations! Today is your 20th birthday, but you are starting with nothing in the bank. You...
Congratulations! Today is your 20th birthday, but you are starting with nothing in the bank. You just started working full-time, earning $50,000 per year. Your goal is to have $2 million by your 65th birthday (i.e., 45 years from today). Your employer offers a 401(k) plan (contributions by you are tax deductible, growth is tax deferred), and within that plan you choose to invest in an extreme low-cost S&P 500 index mutual fund (like ones offered by Schwab, Fidelity, Vanguard,...
Your company sponsors a 401(k) plan into which you deposit 12 percent of your $70,000 annual...
Your company sponsors a 401(k) plan into which you deposit 12 percent of your $70,000 annual income. Your company matches 50 percent of the first 4 percent of your earnings. You expect the fund to yield 8 percent next year. If you are currently in the 31 percent tax bracket. a. How many dollars did you invest out of your salary in your 401(k) plan this year?   Annual investment $        b. What is your one-year return? (Round your answer to...
Congratulations! You just finished up your MHA. You are now making the big bucks!! You are...
Congratulations! You just finished up your MHA. You are now making the big bucks!! You are pulling down $75,000 a year. Your estimated payroll taxes are 20%. You also have a small healthcare consultancy and you make $100 a month for your wonderful advice.    You have a lot of expenses: You bought a new car - the car note is $350 a month. Gas for your car is $50 a month You have a mortgage of $850. Health insurance...