Question: please help to figure out this problem for me. Thank you $85,000 working as an administrative assistant in a public Candice earns company based in

please help to figure out this problem for me. Thank you

please help to figure out this problem for me. Thank you $85,000

$85,000 working as an administrative assistant in a public Candice earns company based in New York. The company provides a matching contribution in the 401(k) plan of 50% of her contribution, up to a maximum matching contribution of 4% of compensation. Her 401(k) plan account had $20,000 in it at the beginning of the year. She contributed $5,000 to the plan this year and the employer made the matching contribution before year-end. The ending balance of the account is $30,000. What is her savings rate this year

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!