7
QuizMultiple Choice

Retirement Savings Options

Question 7 • 26-27 Ignite Financial Literacy Personal Finance - EL3403

Tina contributes 9.5% of her monthly salary towards her 401(k) and her employer matches her contribution up to 5.4% of her annual salary. If the interest rate of her 401(k) is 8.1% compounded monthly and her monthly salary is $2,461, determine the amount in her account after 25 years. Round to the nearest cent.

Answer
A
$339,804.33
B
$354,452.86
C
$344,941.24
D
$347,269.59
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