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

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

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

How to calculate the total amount contributed?

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