Determine how much you and your employer

Assignment Help Financial Accounting
Reference no: EM132203523

You are a 22 year old college graduate and have just landed your first professional job. Your new employer sponsors a matching 401(k) plan. Suppose you've actually been paying attention in class and will earn a $50,000 salary to start and you therefore elect to defer 15% of your salary into your 401(k), and that your employer will match your contributions, but only up to 6% of your salary. REQUIRED: Assume an annual interest rate of 9% compounded monthly. Determine how much you and your employer will be contributing each month. If you continue to fund your 401k monthly at this exact same amount until you reach the age of 65, how much will your 401(k) portfolio be valued at?

Reference no: EM132203523

Questions Cloud

What is the cash flow and the net income : Its employees also earned another $15,000 in wages for 2017, which were not yet paid at year-end 2017. What is the cash flow and the net income
Jimmy lean should report net cash outflows : Selected information from Jimmy Lean Hotdog Corporation's accounting records and financial statements for 2006 is as follows (amounts in millions):
Investee earning and and unrealized gain and loses : Can someone please explain the difference between equity in investee earning and and unrealized gain and loses?
What is the amount of their american opportunity tax credit : They have not taken advantage of any other type of tax benefit related to educational expenses. What is the amount of their American Opportunity Tax credit?
Determine how much you and your employer : Determine how much you and your employer will be contributing each month. If you continue to fund your 401k monthly
Country can protect its infant industries : What are the avenues that a country can protect its infant industries?
Journalize the adjusting entry required for unearned : Journalize the adjusting entry required for unearned rent on December 31, 2018. Round your answers to the nearest dollar amount.
Analyze challenges of using cognitive behavioral therapy : Analyze challenges of using cognitive behavioral therapy for families. Recommend effective cognitive behavioral therapy strategies for families
Identify the theory that best fits the leadership style : Analyze and identify the theory that best fits the leadership style at Southwest Airlines. Explain why.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the net amount of capital lease assets

What is the net amount of capital lease assets on the balance sheet? - What is the total amount of capital lease obligations on the balance sheet?

  Credit account titles are automatically indented

Upland Company borrowed $132,000 on November 1, 2014, by signing a $132,000, 7%, 3-month note. Prepare Upland’s November 1, 2014, entry; the December 31, 2014, annual adjusting entry; and the February 1, 2015, entry. (If no entry is required, select ..

  Production company is planning to sell tickets

A production company is planning to sell tickets to a show for $100 each. It budgets variable costs to be $25 per attendee. Total fixed costs are estimated to be $112,500. The theatre can accommodate up to 1,400 people because of safety concerns. Wha..

  Find out the monthly break-even in unit sales

Akerley, Inc., produces and sells a single product. The product sells for $140.00 per unit and its variable expense is $42.00 per unit. The company's monthly fixed expense is $393,960. Find out the monthly break-even in unit sales.

  Show entries in general journal form

The budget was recorded. It is given for Estimated Revenues for the year in the amount of $325,000, and for Appropriations in the amount of $325,000. A temporary loan of $325,000 was gets from the General Fund.

  Exchange for services performed for the partnership

Which of the following would be currently taxable as ordinary income to the service partner if received in exchange for services performed for the partnership?

  Pcaob issued order formally barring two former

Facts: On August 1, 2011, the PCAOB issued order formally barring two former Ernst & Young auditors from future audits of public companies. Peter C. O’Toole and Darrin G. Estella, as partner and senior manager for a public company audit, respectively..

  Compute the company margin of safety

Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the next month’s budget appear below: Selling price $27 per unit Variable expenses $14 per unit Fixed expenses $11,050 per month Unit sales 1,000 units per..

  What new cash dividend per share amount will result

Assume that you own 90 shares of common stock of a company, that you have been receiving cash dividends of $7 per share per year, and that the company has a 3-for-2 stock split. What new cash dividend per share amount will result in the same total di..

  Outline how companies maintain control over cash

Outline how companies maintain control over cash and the other assets under their control. During this week you will focus on how companies maintain control over cash and other assets under their control. You are busy reconciling your checking accoun..

  What were the firms budgeted collections

Quattro began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second m..

  Define the term contingent liability

Define the term "contingent liability" and discuss the criteria used to classify these events or conditions. Provide some examples of contingent liabilities.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd