cford315 cford315

22-04-2024
Mathematics

Answered

An employee is considering two job offers.

First offer: $45,000 yearly salary with a 6% matching 401k
Second offer: $55,000 yearly salary with a 5% matching 401k

The employee plans to stay at either job for at least 5 years, assumes there are no salary increases, and will make 401k contributions at the same rate the company matches. After 5 years, the total value of the first offer, including gross income and total 401k contributions, is $252,000.

Which job has the better overall pay structure and by how much?

Answer :

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