Your company has a plan that matches your retirement contributions up to 2% of your salary. Your annual salary is $22,000. You a

Question

2 years ago

5

Your company has a plan that matches your retirement contributions up to 2% of your salary. Your annual salary is $22,000. You a

re 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

Mathematics

2 answers:

Sindrei [870] · Answer 1 · 2022-04-25T19:26:42+03:00

Sindrei [870]2 years ago

8 0

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)

WARRIOR [948] · Answer 2 · 2022-04-25T21:05:41+03:00

WARRIOR [948]2 years ago

8 0

Answer:

The contribution is $ $16.92\\$ per biweekly payment

Step-by-step explanation:

Salary received in each of the $26 \\$ pay is

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