Danny works for a company that matches his 401(k) retirement contributions at a rate of "$0.25 per $1" of his contributions,

Question

3 years ago

9

Danny works for a company that matches his 401(k) retirement contributions at a rate of "$0.25 per $1" of his contributions,

up to 6% of his salary. Danny earns $50000/year. Using Doc White’s advice, what is the minimum amount of salary that Danny should contribute to his 401(k) plan each year? A. $50000/year B. $3000/year C. $12500/year D. $12000/year

Business

1 answer:

Nadusha1986 [10] · Answer 1 · 2022-06-26T11:36:42+03:00

Nadusha1986 [10]3 years ago

7 0

Answer:

B $3000/year

Explanation:

The minimum amount of salary that Danny should contribute to his 401(k) plan each year = 6% of his annual salary = 6/100 × $50000 = $3000/year

Danny works for a company that matches his​ 401(k) retirement contributions at a rate of ​"$0.25 per​ $1" of his​ contributions,

Danny works for a company that matches his 401(k) retirement contributions at a rate of "$0.25 per $1" of his contributions,