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Required information

Problem $13-58($LO $13-2)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Matthew $(48$ at year$-$end$)$ develops cutting$-$edge technology for SV Incorporated, located in Silicon Valley. In $2023,$ Matthew participates in SV$\text{'}$s money purchase pension plan $($a defined contribution plan$)$ and in his company's $401($k$)$ plan. Under the money purchase pension plan, SV contributes $15$ percent of an employee's salary to a retirement account for the employee up to the amount limited by the tax law. Because it provides the money purchase pension plan, SV does not contribute to the employee's $401($k$)$ plan. Matthew would like to maximize his contribution to his $401($k$)$ account after SV$\text{'}$s$.$ contribution to the money purchase plan.

Problem $13-58$ Part d $($Algo$)$

d$.$ Assume Matthew's annual salary is $$59,400$ and that he is $54$ years old at the end of $2023.$ What amount cantribute to his $401(k)$ account in $2023?$

Matthew's contribution to $401($k$)$ account