Leo is 23 years old and works for a company that matches his 401(k) contribution up to 4.6%. The interest rate for his 401(k) is 5.32%. If he puts away 8% of his $65,000 salary every year, how much would he have saved in 10 years? Round your answer to the nearest cent.

Leo contributes 8% of $65,000, or $5,200 per year. His employer adds a match of 4.6% of his salary, or $2,990, so the total annual contribution is $8,190. Using the future-value formula for yearly contributions earning 5.32% over 10 years, the balance is about $104,564.67, matching choice B.

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