Trent is 25 years old and works for a company that matches his 401(k) contribution up to 5%. the interest rate for his 401(k) is 7.3%. if he puts away 10% of his $32,000 salary every year, how much would he have saved in 10 years? round your answer to the nearest cent.

The answer is : $67,266.16

Step-by-step explanation:

This question is a future value question.

As given, Trent puts away 10% of his $32,000 every year and the company will put half amount of $1,600. So, total amount becomes = each year.

Formula for future value or FV is Fv = Pmt (1 + r/n)^(nt) – 1 / (r/n)

Where, Fv = Future Value , Pmt = repeated payments , R = interest rate ,N = total number of payment periods

Putting the values in the formula,

Fv = 4800 (1 + 0.073/1)^(1x10) – 1 (0.073/1)

Fv = $67266.16

Hence, the answer is $67266.16

i would pic false cause it goes down towards negative

step-by-step explanation:

idn

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