orge is investing in a 401(k) that promises 4.99% annual growth. He plans on investing $200 each month for 35 years (there is no employer matching). Excel calculates an overall account balance of $226,714.31. How much of Jorge's balance is interest? $142,714 $97,131 $32,996 $11,313 $84,000

orge is investing in a 401(k) that promises 4.99% annual growth. He plans on investing $200 each month for 35 years (there is no employer matching). Excel calculates an overall account balance of $226,714.31. How much of Jorge's balance is interest? $142,714 $97,131 $32,996 $11,313 $84,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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Jorge is investing in a 401(k) that promises 4.99% annual growth. He plans on investing $200 each month for 35 years (there is no employer matching). Excel calculates an overall account balance of $226,714.31. How much of Jorge's balance is interest?

$142,714

$97,131

$32,996

$11,313

$84,000

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