an employer will do a 50% match on your investment to a 401k retirement plan. If you decide to contribute a monthly amount of $2

Response:

After 15 years, the balance in the account should be $95,321.85

Detailed explanation:

Based on the provided information, we can summarize as follows:

monthly deposit of $220=R

annual interest rate is set at 2.05%. To find the monthly interest rate, we divide: monthly interest rate= 2.05%/12=0.1708%=0.0017

t=15years×12=180 months

To determine the total amount after 15 years, we can apply this formula:

Ap=R(1-(1+i)∧-t)

             i

Ap=220(1-(1+0.0017)∧-180)

                       0.0017

Ap=162,04

      0.0017

Ap=$95,321.85

The balance in the account after 15 years is $95,321.85