Erica works for a company with a 401k plan. The company matches $0.50 on the dol

Question

Erica works for a company with a 401k plan. The company matches $0.50 on the dollar the first 6% of the employees salary contributed to the 401k. If Erika earns $90,000 and contributes 12% of her salary, how much will the employer math in dollars the first year? Erica works for a company with a 401k plan. The company matches $0.50 on the dollar the first 6% of the employees salary contributed to the 401k. If Erika earns $90,000 and contributes 12% of her salary, how much will the employer math in dollars the first year?

Explanation / Answer

Q)If Erica earns $90,000 and contributes 12% of her salary, how much will the employer match be in dollars for the year?

Ans) = 90,000*12%*6%*0.50

= $324

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