4) You are hired to work for a company at age 25 and the company has a retirement plan
where you can put up to 6% of your salary into the plan each month and they will match
that amount. Your starting monthly salary is $6,100, assume for simplicity sake you
never get a raise, and the retirement plan guarantees a 6.28% interest rate over the life of
the plan.
Scenario 1: You decide to start the retirement plan right away and you can afford
to put the full amount (6% of your salary) into the plan each month.
a) What is 6% of your salary? _______________
b) Since your company matches what you put into your retirement account, what is the
total amount put into your account each month?
_______________
c) How much money will you have in the retirement account when you reach full
retirement age, the time when you can start taking money out of the account, which is 62
years old? ________________
d) How much money did you put into the account? ________________
e) How much money did your employer put into your account? ________________
f) How much money did your account gain in interest over the years? _______________
Scenario 2: You decide to start the retirement plan right away, but you can only
afford to put 3% of your salary into the plan each month.
a) What is 3% of your salary? _______________
b) Since your company matches what you put into your retirement account, what is the
total amount put into your account each month?
_______________
c) How much money will you have in the retirement account when you reach full
retirement age, the time when you can start taking money out of the account, which is 62
years old? ________________
d) How much money did you put into the account? ________________
e) How much money did your employer put into your account? ________________
f) How much money did your account gain in interest over the years? _______________
What is the difference in the amount of money you will have at age 62 between scenarios
1 and 2? ________________
What is the difference in the amounts of money you put into retirement between
scenarios 1 and 2? _______________
How much more money did you get from your employer in scenario 1 than 2? ________

Answers

Answer 1

6% of the salary is $366

The total amount that would in the retirement account in the account each month is $732.

The amount that would be in the retirement account when you retire is $345,418.50.

The amount of money that you put in the account is $162,504.

The amount of money that the employer put in the account is $162,504.

The interest that was gained over the years is $20,410.50.

3% of the salary is $183.

The total amount that would in the retirement account in the account each month is $366.

The amount that would be in the retirement account when you retire is $172,709.25.

The amount of money that you put in the account is $81,252

The amount of money that the employer put in the account is $81,252

The interest that was gained over the years is $10,205.25.

How much would be in the retirement account?

6% of the salary = salary x percentage

6% of the salary = 6% x $6,100

6% of the salary = 0.06 x $6,100 = $366

The amount in your account at the end of the month = amount the company puts + amount you deposit

= $366 + $366 = $732

Amount that would be in your retirement account = (1 + interest rate) x amount in the account

Amount that would have been deposited in the account at retirement = number of years until retirement x number of months in a year x amount deposited each year

Amount in the account at retirement = $732 x 12 x (62 -25)

$732 x 12 x 37 = $325,008

Amount in the account at retirement = (1 + 0.0628) x $325,008 = $345,418.50

Amount the employer put in the account =  $325,008 \ 2 = $162,504

Interest earned = $345,418.50 - $325,008 = $20,410.50

3% of the salary = salary x percentage

3% of the salary = 3% x $6,100

3% of the salary = 0.03 x $6,100 = $183

The amount in your account at the end of the month = amount the company puts + amount you deposit

= $183 + $183 = $366

Amount that would be in your retirement account = (1 + interest rate) x amount in the account

Amount that would have been deposited in the account at retirement = number of years until retirement x number of months in a year x amount deposited each year

Amount in the account at retirement = $366 x 12 x (62 -25)

$366 x 12 x 37 = $162,504

Amount in the account at retirement = (1 + 0.0628) x $325,008 = $172,709.25

Amount the employer put in the account =  $162,504 \ 2 = $81,252

Interest earned = $172,709.25 - $162,504 = $10,205.25

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Related Questions

What is the volume of a triangular prism that has a height of 5 feet and a base that with the following ?

Answers

Answer:

C

Step-by-step explanation:

Base area = (base x height of the base)/2 = (13 x 6)/2 = 39 ft^2

V = base area x height = 39 x 5 = 195 ft^3

Can anyone help me!! Thank you

:)

Answers

Answer:

23

Step-by-step explanation:

4 glasses cost £24 in total how much do seven glasses cost

Answers

Using simple unitary method process in the given problem with the provided values, The answer is £42 .

What is unitary method?

The unitary method is a method of solving mathematical problems in which the relationship between a quantity and its unit of measurement is used to find an unknown quantity. It involves expressing the given quantity in terms of a unit, then solving for the unknown quantity in terms of the same unit.

What are arithmetic operators?

Arithmetic operators are used to perform basic mathematical operations, such as addition (+), subtraction (-), multiplication (*), division (/), and modulus (%). They take numerical values (either literals or variables) as their operands and return a single numerical value. These are widely used in mathematical computations, like in programming languages, spreadsheets and calculator apps.

4 glasses cost £24.

1 glass cost £24/4 = £6

7 glasses cost = £6 * 7 = £42

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How much fencing is required to enclose a circular garden whose radius is 14​m? Use 22/7 for π.

Answers

Answer:

The fencing required to enclose a circular garden whose radius is 22m is 138.16m

Answer:

[tex]\boxed {\boxed {\sf 88 \ meters}}[/tex]

Step-by-step explanation:

We want to find the amount of fencing required to enclose the garden. The fencing goes around the garden, which is a circle. Essentially, we are finding the perimeter or circumference of the circle.

The formula for circumference is:

[tex]c=\pi \times d[/tex]

We are given the radius, so we need to find the diameter. The radius goes from the center to the edge of the circle, while the diameter goes from edge to edge through the center. So, the diameter is twice the radius of 14 meters.

d=2 ×r d= 2 × 14 m d= 28 m

Now we know the diameter is 28 meters. We also know 22/7 is being used for pi. Substitute these values into the formula.

[tex]c= \frac{22}{7} \times 28 \ m[/tex]

[tex]c=88 \ m[/tex]

The circumference is 88 meters, so 88 meters of fencing is requires to enclose the garden.

How many possible triangles can be created if measure of angle A equals pi over 6 comma c = 18, and a = 9?

0 triangles
1 triangle
2 triangles
Cannot be determined based on the given information

Answers

If the measure of angle A equals pi over 6, the angle c equals 18, and the angle an equals 9, triangles may be formed.

When do three lines join to make a triangle?

You only need to apply the Triangle Inequality Theorem, which asserts that the sum of a triangle's two side lengths is always greater than the third side. A triangle will exist if this holds true for each of the three possible added side length combinations.

From the given information, we have that:

m<B = pi/6 = 30 degres

c = 10

b = 5

This shows that we can use the cosine rule to find the third side b of the triangle. Since all the sides are complete, hence we can use the information given to find just 1 triangle

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i need help please! Much appreciated

Answers

Answer:

From SOHCAHTOA

Sin60 = 9/y

y= 9/sin60

y=10.39 ~ 10.4

Again

From SOCAHTOA

Tan60= 9/x

x= 9/tan60

x=5.19 ~ 5.2.

If a store advertises a package of 22 stickers for
$4.57, what is the unit rate, or price per sticker?
Write an equation using a variable and solve.

Answers

So it starts with 22 and then it goes all the way to $818 hope this helps.

please help me please i really need help please help me please

Answers

9514 1404 393

Answer:

  26.2 in³

Step-by-step explanation:

The formula for the volume of a cone uses the radius of the cone as one of its variables. Here, the diameter is given, so we need to divide it by 2 to find the radius.

  r = d/2 = (5 in)/2 = 2.5 in

The volume is ...

  V = 1/3πr²h

  V = (1/3)π(2.5 in)²(4 in) = 25π/3 in³ ≈ 26.2 in³

The volume of the cone is about 26.2 in³.

What is the measure of the x?

DO NOT ANSWER IF YOU DO NOT THE ANSWER! Whoever answers correctly will get Brainliest! :)

Answers

Answer:

A

Step-by-step explanation:

The sum of the two angles is 180 degrees

x + 138 = 180

x = 42 degrees

If you work for an airline need to sit a passenger every 30 seconds. If the doors open at 9:35 am, what time does the last passenger sit if there are 110?

Answers

The answer i think is 10:30 am because you just have to multiply the number of seconds with people youll get 3,300 seconds divide that by the number of seconds are in a minute (60 seconds) then you’ll get 55 mins then its adding from there

Answer: 10:30 am

Step-by-step explanation: If you need to seat a passenger every 30 seconds, (half of a minute, which is 60 seconds), for every minute, 2 passengers will be seated. So, if you seat 2 passengers for a min each until you have seated 110 people, you will have taken up 55 minutes in total. (110 divided by 2 passengers a min). And finally, 55 minutes past 9:35 am would be 10:30 am. Hope this helps!

Select all ratios that are in their simplest form,
A=21:7
B=25:19
C=23:7
D=16:4
E=24:26​

Answers

Answer:

B and C

Just see if there is any number that can divide both top and bottom

If there isnt, its in simplest form

What the heck is this??

Answers

Answer: A triangular pyramid

Explanation: if you fold the sides down then you can create a triangular pyramid
the figure is a pyramid

It is 1.9 miles from a house to a restaurant and 1.2
miles to a pier, as shown at the right. The angle
between the two lines of sight is 87°. How far is it from
the pier across the water to the restaurant.

Answers

9514 1404 393

Answer:

  2.2 miles

Step-by-step explanation:

The Law of Cosines can be used to figure this.

  c² = a² +b² -2ab·cos(C)

  c² = 1.2² +1.9² -2(1.2)(1.9)cos(87°) ≈ 4.811348

  c ≈ √4.811348 ≈ 2.193

It is about 2.2 miles across the water from the pier to the restaurant.

An economics professor is interested in seeing if the mean hours worked by ISU students in a week at part time or full time jobs (including work study) is greater than 10. To accomplish this, the professor randomly selected 50 students from the university. It was found that the distribution was right skewed and unimodal. The sample mean was 11 hours with a sample standard deviation of 3. The professor then did a hypothesis test. Please find the test statistic for this hypothesis test Group of answer choices

Answers

Answer:

2.3574

Step-by-step explanation:

This question requires us to find the t test statistic given the data in the question.

H0: u = 10

H1: u > 10

Population variance is not known

T = (barX - u)/(s/√n)

u = 10 hours

BarX = 11 hours

Sd = 3 hours

n = 50

(11-10)/(3/√50)

t test = 1/(3/√50)

= 1/0.4242

Test statistic = 2.3574

determine the area of the rectangle below

Answers

Answer:

A=10.75

Step-by-step explanation:

Formula; A=wl

Plug in values; 2.5·4.3

Area ; 10.75

Answer:

Formula: bh

Plug in Values: 4.33 and 2.5

Area: 10.825 inches squared

Step-by-step explanation:

Before anything, when you converted 4 1/3 to 4.3, I recommend doing 4.33. ‘Ight, let’s begin.

The formula is base times height, therefore, you multiply the base (2.5) times the height (4.33).

2.5x4.33=10.825


6) Create your own word
problem using the
format in the example
on the page above.

Answers

Format in the example are Surds on the page above in own word is [tex]36z^{15} ,\ 100,\ 9^7,\ and \ 6r^3\\[/tex]

How do indices and Surds differ from one another?

Surds are the root values for which there is no whole number representation. Indices represent the exponent or power of a value. For instance, the base is 3 and the index is 2 for the number 32. the index being 3/2.

What are the Surds rules?

These are the surds rules:

Rule 1: = √(r*s) = √r*√s.Rule 2: √(r/s) = √r/√s.Rule 3: r/√s = (r/√s) X (√s/√s)Rule 4: p√r ± q√r.Rule 5: r / (p+q√n)Rule 6: r / (p-q√n)

1) [tex](2z^3)^5=32^{15}[/tex]

2)  [tex]\sqrt[3]{1000*1000}=100[/tex]

3) [tex]\frac{9^{3} }{9^{-4} } = 9^7[/tex]

4) [tex](6r^{-3}) ^{-1} = 6r^3[/tex]

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Please help with this and thank u brother and sisters

Answers

Answer:

Equivalent

Step-by-step explanation:

Two fractions are equivalent if the value, proportion, or quantity they represent is the same. Equivalent fractions can have different numerators and denominators.

If you multiply the first one by 4/4 then you will have 8s/20s, which is the same as the second one

Answer:

I dont know if the letters are there to confuse me but if not yes there equivalent I cross multiplied 2 × 20 = 40 and 8 × 5 = 40 as well meaning there equivalent cause they equal the same when cross multiplying hope that helps!

What is a possible value of sin(x) if the cos(2x) = 0.42

Answers

Answer:

The answer is 0.54 have a great day

Can y’all help me on question 32??!

Answers

Answer:

(B)

Step-by-step explanation:

is 4.97 a terminating decimal
or a repeating decimal?

Answers

Answer:

it's a terminating decimal

Fill in the blanks to write the solutions to the quadratic equation.Fill in the blanks to write the solutions to the quadratic equation.Fill in the blanks to write the solutions to the quadratic equation.Fill in the blanks to write the solutions to the quadratic equation.x^2+2x+10 = 0

Answers

The solution to the given quadratic equation is x = -1 + 3i OR x = -1 - 3i

Solving Quadratic equations

From the question, we are to solve the given quadratic equation

From the given information,

The quadratic equation is

x² + 2x + 10 = 0

Using the Quadratic formula,

x = [-b ± √(b² - 4ac)] / 2a

From the equation,

a = 1, b = 2, and c = 10

Then,

x = [-b ± √(b² - 4ac)] / 2a

x = [-(2) ± √((2)² - 4(1)(10))] / 2(1)

x = [-2 ± √(4 - 40)] / 2

x = [-2 ± √(-36)] / 2

x = [-2 ± -6i] / 2

x = -1 ± 3i

x = -1 + 3i OR x = -1 - 3i

Hence, the solution is x = -1 + 3i OR x = -1 - 3i

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Erika sells bicycles at a store. She is paid a monthly salary plus a bonus on each bike she sells. Her monthly pay is modeled in the table. Choose the linear equation below that best represents this data.​

Answers

Answer: Show the table

Step-by-step explanation:

SHow the table

Find the missing side length of the right triangle. If needed, round to the nearest tenth
10 cm.
126 cm.

Answers

Answer:

24 Is the answer. (I used 26, not 126 as 26 is what was in the picture)

Step-by-step explanation:

A^2 + b^2 = c^2

10^2 + b^2 = 26^2

100 + b^2 = 676

B^2=576

B=24

Help me please help if know what the answer please?!!?!??faster

Answers

Answer:

like 29%

Step-by-step explanation:

there are 4 male freshmen out of 4+6+2+2=14 total males and 4/14 is like 28.5714... and so you round

Solve ^4√5x - 4 =1

A) x = 625

B) x = 81∕5

C) x = 25

D) x = 125

Answers

x=125

...............

An airplane in flight needed to make an emergency landing so it descended at
an angle of depression of 15 degrees for 50000 feet until it landed. How many
feet is the vertical drop from when the plane initially began it's descent to
when it reached the ground? Round to the nearest whole number. (Hint:
draw a picture)

Answers

Answer:

13,397 ft

Step-by-step explanation:

tan 15 = height/50,000

0.2679(50,000) = 13,397 ft

What is the volume of the following triangular prism?

Answers

Answer:

37.8

Step-by-step explanation:

Change 12 mm to 1.2 cm

Then apply the volume rule

Area * height

A = 1.2*7=8.4

H=4.5

Volume 8.4*4.5 =37.8

Please help with this

Answers

Answer:

I would say 109 if you were to plot this

PLS HELP FOR 10 POINTS PLEASE (SHOW YOUR WORK)
Question: Find the measure of the missing angle

IF YOUR A BOT AND IS JUST SAYING “PLEASE CHECK THE LINK BELOW FOR ANSWERS” I WILL REPORT

THANK YOU (-:

Answers

Answer:

The answer is 90 degrees

Step-by-step explanation:

It is a right angle and a right angle is equal to 90 degrees

The box in a triangle always represents a right angle

Answer:

The missing angle is 65 degrees

Step-by-step explanation:

Answer: 65 degrees

First, you can make the conclusion that a right angle is 90 degreesNext, you can add 90 to 25 to get 115You then subtract 115 from 180.You are left with 65, which is the measure of the missing angleRemember that a triangle equals 180 degrees! :)

The area of a rectangular room is 750 square feet. The width of the room is 5 feet less than the length of the room. Which equations can be used to solve for y, the length of the room? Select three options. y(y + 5) = 750 y2 – 5y = 750 750 – y(y – 5) = 0 y(y – 5) + 750 = 0 (y + 25)(y – 30) = 0

Answers

Answer: option b), option c), and option e) are correct options.

Step-by-step explanation:

Given:

The area of a rectangular room= 750 square feet

The width of the room = 5 feet less than the length of the room

The length of the room = Y

To find:

Equations that can be used to solve the value of Y i.e. the length of the rectangular room.

Solution:

The equation can be derived from using the following formula:

Area of rectangle = length * width

According to the question,

Length of the rectangular room = Y

Width of the rectangular room = 5 feet less than the length of the room

                                                       = (Y-5)

Since, Area of rectangle = length * width

Area of the rectangular field = length of the room* width of the room

                          750             = Y (Y – 5)                         ………..eqn. (1)

Or, the above equation can be solved a step further and written as

                          750             = Y2 – 5Y                          ………..eqn. (2)

                         750- Y2 + 5Y= 0                                    ………..eqn. (3)

                         750-Y (Y- 5) =0                                    ………..eqn. (4)

Apart from the above equations, if we solve eqn. (2) we get the following equation:

                          750             = Y2 – 5Y

                           Y2 – 5Y- 750= 0

                          Y2 – 30Y + 25Y- 750 = 0

                          Y (Y- 30) + 25 (Y- 30) = 0

                                                                   take Y- 30 common from L.H.S.

                           (Y -30) (Y+ 25)   = 0                            …………….eqn. (5)        

Hence, the correct options are option b), option c), and option e).

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