Raven W.

asked • 03/22/16

Simple Interest

Lucy contributed $5000 per year from her salary to a 401(k) plan and her employer matched it dollar for dollar. The interest rate is 7.5% compounded annually.

After 15 years of working for the firm, she moved on to a new job. However, she kept her accumulated retirement funds in the 401(k).

How much will she have in the plan when she turns 65 years?

For this purpose only (not for your work or your exam), please round to the nearest integer. Do not include the unit.

1 Expert Answer


Ron G. answered • 03/22/16

4.4 (26)

Multiple levels Math, Science, Writing

Raven W.

well it says she worked for the firm for 15 years.


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