nickdavenhall nickdavenhall

03-06-2024
Mathematics

Answered

Leslie’s employer will match up to 3% of her salary in contributions to her 401(k). Her monthly salary is $3,200, and the company allows her to make contributions to a maximum of 10% of her salary. What is the maximum monthly deposit to Leslie’s 401(k), including her employer’s matching contribution? A. $41.60 B. $96.00 C. $320.00 D. $416.00 E. $640.00

Answer :

sqdancefan sqdancefan

03-06-2024

Answer:

D. $416.00

Step-by-step explanation:

You want to know the maximum monthly deposit Leslie can make to her 401(k) if she is allowed a contribution of 10% of her $3200 monthly salary, and her employer matches up to 3% of her salary.

Total

The total allowed contribution will be ...

10% × $3200 + 3% × 3200

= 13% × $3200 = 0.13 × $3200 = $416

The maximum monthly deposit to Leslie's 401(k) is $416.00, choice D.

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