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Marcus works for a company that offers 50% matching on all of his retirement contributions. For the last 21 years, Marcus has been depositing $100 into his 401(k) savings account that pays 6.99% interest annually. After 21 years, how much money has been deposited into the 401(k) by both Marcus and his employer?

Answer :

The computation shows that the total amount deposited is $4200.

How to compute the value?

The total amount that's deposited will be:

= 1000 × 28

= 2800

This will be multiplied by that of the employer. This will be:

= 2800 × 0.5

= 1400

The total amount deposited:

= 2800 + 1400

= 4200

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