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A Lipscomb engineer hires into their first job on their 22 birthday and goes to...

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Accounting

A Lipscomb engineer hires into their first job on their 22 birthday and goes to work for a firm that will match their retirement savings dollar for dollar up to $500 per month. The employee decides to invest $325 of their pay each month and thus capture *3 an equal amount of the employer matching contribution. The total amount ( $650? month counting both employer and employee contribution) is deposited at the end of each month into a mutual fund that earns a nominal 8% per year. How much money will have accumulated in that account after thirty-five years? (Select closest answer)
a) $1,491,000
$1,147,000
c) $1,376,000
d) $1,100,000
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