Tommy decides to put 8% of his $10,000 monthly salary into his 401(k) plan. His company matches the first 5% of his salary contribution 100% (dollar for dollar). How much total (employee contribution + employer match) is going into Tommy's 401(k) plan each month?

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Heres how to calculate the total contribution going into Tommys 401k plan each month 1 Empl... View the full answer