PLEASE HELP! this is a review assignment for my final that is due in 2 hours and

Question

PLEASE HELP! this is a review assignment for my final that is due in 2 hours and I don't understand it at all, I'll be sure to rate with a thumbs up

You can afford to deposit $250 each month into your retirement account. For the first 15 years, your employer will match your deposits, but you plan to retire in 40 years. If your account is guaranteed to earn5.7%, compounded monthly, then ...

(a) ...how much will be in your retirement account after 15 years?

(b) ...what is the future value of the combined contributions from the first 15 years at retirement?

(c) ...how much accumulate from your continued deposits over the next 25 years?

(d) ...how much in total will there be in your account upon retirement?

Explanation / Answer

answer no 1

using excel command

=FV(5.75%/12,180,-250,0,0) =71175.71   retirement account after 15 years

answer no 2

71175.71 *2 = 142351.42 future value of the combined contributions from the first 15 years at retirement as same amount is contributed by the employer so value would be double

answer no 3

using excel command value of investment after retirement

=FV(5.75%/12,300,-250,-71175.71,0) = 465367.60

accumulate from your continued deposits over the next 25 years =465367.60 - 71175.71 = 394191.89

answer no 4

using excel command

=FV(5.75%/12,480,-500,0,0) = 930735.2 total amount in account on retirement

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