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Question

Douglas Kerr's employer will match his contribution to a $401(\mathrm{k})$. The matching amount will be a dollar-for-dollar match not to exceed $6 \%$ of his salary. In 2004, Douglas's salary was $\$ 36,470$. If he contributed $\$ 2,000$, what would be the total amount contributed to the plan? What would be the total amount contributed to the plan if he contributed $\$ 4,000$?

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 5We need to determine what would be the total amount contributed to the plan if he contributed $2000\$$ or $4000\$$.

We are given that his employer will match his contribution dollar-for-dollar but not exceed $6\%$ of his salary which is $36470\$$.

*How to calculate the total amount contributed?*

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