Stephanie Is Going to Contribute $300 on the First of Each

question 18

Multiple Choice

Stephanie is going to contribute $300 on the first of each month,starting today,to her retirement account.Her employer will provide a 50 percent match.In other words,her employer will contribute 50 percent of the amount Stephanie saves.If both Stephanie and her employer continue to do this and she can earn a monthly rate of 0.90 percent,how much will she have in her retirement account 35 years from now?

• A)$1,936,264
• B)$1,943,286
• C)$1,989,312
• D)$2,068,418
• E)$2,123,007

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Definitions:

Ctenophores

Ctenophores, also known as comb jellies, are marine invertebrates characterized by their eight rows of ciliary plates used for swimming.

Mesoglea

Jellylike layer between the epidermis and gastrodermis in cnidarians and ctenophores.

Cnidaria

A phylum of aquatic invertebrates known for their distinctive body structure, which includes nematocysts, and comprises jellyfish, corals, and sea anemones.

Corals

Marine invertebrates in the class Anthozoa that often live in compact colonies and are renowned for constructing large, intricate calcium carbonate structures.