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Problem:

Consider that you are 30 years old and have just changed to a new job. You have $91,000 in the retirement plan from your former employer. You can roll that money into the retirement plan of the new employer. You will also contribute $4,800 each year into your new employer's plan.

Requirement:

Question: If the rolled-over money and the new contributions both earn a 7% return, how much should you expect to have when you retire in 38 years?

A. $2,106,718.60

B. $2,012,560.60

C. $2,216,781.60

D. $2,018,506.60

Note: Provide support for your underlying principle.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91168213

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