Today Is January 1

question 59

Multiple Choice

Today is January 1.Starting today,Sam is going to contribute $150 on the first of each month to his retirement account.His employer contributes an additional 50% of the amount contributed by Sam.If both Sam and his employer continue to do this and Sam can earn a monthly rate of ½ of 1 percent,how much will he have in his retirement account 35 years from now?

• A)$199,45.944.
• B)$200,456.74
• C)$249,981.21
• D)$299,189.16
• E)$322,162.61

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Definitions:

Sellers

Individuals or entities that offer goods or services for sale to potential buyers.

Price Ceiling

A government-imposed maximum price that can be charged for a good or service, intentionally set below the market equilibrium to protect consumers.

Shortage

A situation in which the demand for a good or service exceeds its supply in a market.

Price Floor

A minimum price set by the government or a regulatory body, below which a particular good or service cannot legally be sold.