Sophia works for a large corporation with a 401(k) retirement plan

jagguarpaw January 13, 2017 0 Comments

Question: Sophia works for a large corporation with a 401(k)…

Sophia works for a large corporation with a 401(k) retirement plan. The company matches dollar-for-dollar the first 7% of every employee’s salary contributed to his or her 401(k). Sophia currently earns $55,000 in gross salary and currently contributes 10% of her salary into her 401(k). What is the total contribution (in dollars) to Sophia’s account every year? Select the correct answer. (3 points)

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$1,650

$3,850

$5,500

$9,350