Question: assuming you have had 55000 balance in your 401k account...
Assuming you have had $55,000 balance in your 401k account and your annual salary is $50,000, suppose from now on your employer will match your deposit in your 401k plan but the amount of match money will be capped by 6% of your salary. If you decide to input 8% of your salary in your 401k plan each month and expect to make 10% return, compounded monthly, at time when you retire, how much money will you have in your 401k account? If you need $1.5 million dollars for your retirement life, based on the above investment in your 401k plan, at what age can you retire to enjoy life?
Requirements: Show calculations and formulas via MICROSOFT EXCEL ONLY:
Here is what I have for my Excel Calculator
Rate = 0.83%
PMT = $583.33
PV = (55,000)
NPER = ??
Do let me know if I'm going wrong somewhere