Starting Today, Stephen Is Going to Contribute $200 on the fiRst

question 399

Multiple Choice

Starting today, Stephen is going to contribute $200 on the first of each month to his retirement account. His employer will contribute an additional 50% of the amount Stephen contributes. If both
Stephen and his employer continue to do this and he can earn a monthly rate of 0.75%, how much
Will Stephen have in his retirement account 40 years from now?

• A) $936,264
• B) $943,286
• C) $1,404,396
• D) $1,414,929
• E) $1,672,413