Question

Your employer offers a 401(k) plan with a 50% match, and you set a goal of retiring in 27 years with an amount of

money which has the same buying power that 1.2 million dollars has today. If the account earns an annual interest rate of 2% and the expected annual rate of inflation is 1.9%, how much should you contribute each month to the 401(k)?

Round your answer to the nearest dollar. 

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