Janine is 35 and has a good job at a biotechnology company. Janine estimates that...
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Janine is 35 and has a good job at a biotechnology company. Janine estimates that she will need $943,000 in her total retirement nest egg by the time she is 65 in order to have retirement income of $28,000 a year. (She expects that Social Security will pay her an additional $22,500 a year.) She currently has $2,000 in an IRA, an important part of her retirement nest egg. She believes her IRA will grow at an annual rate of 13 percent, and she plans to leave it untouched until she retires at age 65. How much money will Janine have to accumulate in her companys 401(k) plan over the next 30 years in order to reach her retirement income goal?
Note: Use appropriate factor(s) from the tables provided. Round time value factor to 3 decimal places. Round intermediate and final answer to 2 decimal places.
401(k) accumulation: _____
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