Question

Please help and also how did u get ur answer

You have started to work for a company that has a benefits package that includes contributions to a retirement account. You plan to put $160 per month into the account. The company will contribute 20%. The account is setup with an APR of 9.0% for 32 years.

What is the total monthly amount put into the account?

Excel gives the amount in your retirement account as $425,570.83 after 32 years.

How much more is in the account after 32 years than what you put in?

Answer 1

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Answer:

$364,130.83

Explanation:

You put in $160 monthly for 32 years, so your contribution is ...

$160×12×32 = $61,440

The difference between the account balance and your contribution is ...

$425,570.83 -$61,440 = $364,130.83

There is $364,130.83 more in the account than what you put in.