Question

Amy​ Parker, a​ 22-year-old and newly hired marine​ biologist, is quick to admit that she does not plan to keep close tabs on how her​ 401(k) retirement plan will grow with time. This sort of thing does not really interest her.​ Amy's contribution, plus that of her​ employer, amounts to ​$2 comma 2002,200 per year starting at age 23. Amy expects this amount to increase by 33​% each year until she retires at the age of 6262 ​(there will be 4040 EOY​ payments). What is the compounded future value of​ Amy's 401(k) plan if it earns 55​% per​ year?

Answer 1

The future value = $6,089,072

Step-by-step explanation:

Please see attachment