1. will is 30 years old and works for a company that matches his 401(k) contribution up to 3%. the interest rate for

his 401(k) is 7.13%. if he puts away 9% of his $41,000 salary every year, how much would he have saved in 10

years? round your answer to the nearest cent.



$52,835.72

$56,602.91

$68,395.76

$73, 272.37

A. $52,835.72

Step-by-step explanation:

We have been given that Will is 30 years old and works for a company that matches his 401(k) contribution up to 3%. The interest rate for  his 401(k) is 7.13%. He puts away 9% of his $41,000 salary every year.

First of all, we will find amount deposited by Will each year in his 401(k) by calculating 9% of $41,000 as:

Now, we need to calculate 3% of $3690 to find amount deposited by the company in Will's 401(k).

Now, we will use regular deposits formula to find amount in Will's 401(k) after 10 years.

, where,

A = Final amount n years,

M =Amount deposited per period,

i = Interest rate in decimal form,

q = Number of deposits in one year,

n = Number of years.

Upon substituting our given values in above formula, we will get:

Round to nearest cent:

Therefore, Will would have saved $52,835.72 in 10 years and option A is the correct choice.

step-by-step explanation:

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