Question

Last year Elissa contributed 105 per month toward her 401 (k) account if her employer matches 15% of her contributions what was the total amount contributed to the 401(k) at the end of the year

Answer 1

Answer: $1449

Explanation:

We know that Elissa contributed $105 per month, if you think that in one year there are 12 months, then in one year Elissa contributed:

C = 12*$105 = $1260

And we also know that her employer also matched a 15% of her contributions.

a 15% of a number can be calculated as: 0.15 multiplied by the number, so a 15% of $1260 is equal to: 0.15*$1260 = $189

Then the total amount contributed is: $1260 + $189 = $1449

Answer 2

105 per month(12)= $1,260 (.15) =189

189 is the 15% times the total amount at the end of the year, (add) plus the year total and the total is 1,449 total.