Question

Your company has a plan that matches your retirement contributions up to 2% of your salary. Your annual salary is $22,000. You are paid bi-weekly (26 times per year). How much should you contribute to the retirement account each pay period to take full advantage of the company match

Answer 1

if it is asking for compound interest the answer should be 36815.2

compound interest formula

A=P(1+r)^t

A=the future value

P=principal

r=annual interest rate (as a decimal)

t=time (in years)

Answer 2

Answer:

The contribution is $ $16.92$ per biweekly payment

Step-by-step explanation:

Salary received in each of the $26$ pay is

$\frac{2}{100} * \frac{22000}{26} \\= 16.92$