An electrician is 27 years old and starting a 401k. The employee plans to invest $350 per month with an expected interest rate of 3.5%, compounded monthly. After 30 years of working, the employee wants to have $200,000 in the retirement account. What is the difference between the actual balance and the employee's goal?

A spreadsheet was used to calculate the correct answer. Your answer may vary slightly depending on the technology used.

The actual balance is $29,340.64 higher than the goal.
The actual balance is $29,340.64 lower than the goal.
The actual balance is $22,394.46 higher than the goal.
The actual balance is $22,394.46 lower than the goal.