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Barry has just become eligible for his employer-sponsored retirement plan. Barry is 40 and plans...

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Verified Solution

Question

Finance

Barry has just become eligible for his employer-sponsored retirement plan. Barry is

40

and plans to retire at

65

.

Barry calculates that he can contribute

$4 comma 400

per year to his plan. Barry's employer will match this amount. If Barry can earn a return of

6

%

on his investment, he will have

$482 comma 808

at retirement. Assuming a return of

6

%,

how much would Barry have if he could invest an additional

$900

per year that his employer would match beginning at age

40

?

Answer & Explanation Solved by verified expert
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