A college graduate received a job with a new company. His new position pays $65,000 a year. He plans to invest 10% of his salary at the end of each year in his 401K. The employer will match 3% of his salary. He will rollover $19,000 from his last employer's 401K into the new 401K.
How long would it take the 401K to reach $100,000, if the compound average annual rate of return is 6.5% a year? (Be sure to include his contribution, his employer’s contribution, and his 401K rollover.) Please type the formula to solve for this.