Melissa's employer matches retirement funds 1:2 up to 6% of salary. She makes $55,000 per year. How much should she contribute t o the 401(k)?
1 answer:
Answer: $1100
Step-by-step explanation:
The employer contributes, along with Melissa, in the ratio of 1:2
Up to 6% of $55000, therefore 6/100 x 55000 = 3300
Split in the ratio of 1:2, she will contribute 1/3 of 3300 = 1100
and the employer will contribute 2/3 of 3300 = 2200
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