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22 June, 03:59

Last year, Rebecca contributed $95 per month toward her 401 (k) account. If her employer matched 19% of her contributions, what was the total amount contributed to the 401 (k) at the end of the year?

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  1. 22 June, 07:41
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    Equation is provided below:

    $95 = contribution of Rebecca per month

    12 months = months to complete by the end of the year

    19% = employer's contribution per month

    ? = total amount contributed in a year

    $95 * 12 months = $1,140 (Rebecca's contribution for a year)

    $95 * 19% = $18.05 (contribution of Rebecca's Employer per month)

    $18.05 * 12 = $216.60 (contribution of Rebecca's Employer for a year)

    $1,1470 + $216.60 = $1,356.60

    The total amount contributed to the 401 (k) account at the end of the year is $1,356.60.
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