Question

Last year Alvina contributed $85 per month towards her 401(k) account. if her employer matched 20% of her contributions, what was the total amount contributed to the 401(k) at the end of the year?

Answer 1

Alvina contributed $1020 that year. 20% of $1020 is $204. 1020+204=1224. The answer is $1224.

Answer 2

Answer:

$1224.

Step-by-step explanation:

We have been given that last year Alvina contributed $85 per month towards her 401(k) account.

Let us find Alvina's total contributions in last year by multiplying $85 by 12.

$\text{Alvina's total contributions}=\ 85\times 12$

$\text{Alvina's total contributions}=\ 1020$

Now, we will find 20% of $1020 to figure out Alvina's employer's contributions last yer.

$\text{Alvina's employer's total contributions}=\ 1020\times \frac{20}{100}$

$\text{Alvina's employer's total contributions}=\ 1020\times 0.20$

$\text{Alvina's employer's total contributions}=\ 204$

$\text{Total amount contributed}=\ 1020+\ 204$

$\text{Total amount contributed}=\ 1224$

Therefore, an amount of $1224 was contributed to the 401(k) at the end of the year.