Brenton joined the Kroos Corporation at a starting salary of $61,500. According to the company's retirement plan, Brenton has to make a retirement contribution of 6 percent of his salary. The company contributes 30 percent of this amount. Brenton is expected to receive a salary increment of 3.5 percent per year for the next three years. Brenton is also expected to receive an annual investment return of 8 percent on the plan. Assuming the same rate of salary increases and investment returns each year, calculate the total balance of the retirement plan in its second year.

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The Answer of Brenton joined the Kroos Corporation at a starting salary of $61,500. According to the company's retirement plan, Brenton has to make a retirement contribution of 6 percent of his salary. The company contributes 30 percent of this amount. Brenton is expected to receive a salary increment of 3.5 percent per year for the next three years. Brenton is also expected to receive an annual investment return of 8 percent on the plan. Assuming the same rate of salary increases and investment returns each year, calculate the total balance of the retirement plan in its second year.

Brenton Joined the Kroos Corporation at a Starting Salary of $61,500