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How much should be employer share of annual contribution

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When he turned 42, Jim started to contribute to his retirement account by making an annual deposit of $2500, which is matched by his employer by 150% in an ordinary annuity bearing 9.5 % interest, compounded semiannually. Answer the following related questions:

Problem 1. How much will he have available for him when he retires at 65?

Problem 2. If Jim wishes to have a total of $600,000 in his IRA when he retires, how much should be his own annual contribution? Consider the same (r) and (n) of question# 1.

Problem 3. How much should be his employer's share of annual contribution?

Reference no: EM132756022

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