A personal trainer makes $25,000 per year and has just begun contributing 6% of his salary to his 401 (k) plan. If his employer matches 9% of his contributions, how much will have been contributed to the 401 (k) plan after 4 years?

Question

Mathematics

Phoenix Goodman

7 January, 01:10

A personal trainer makes $25,000 per year and has just begun contributing 6% of his salary to his 401 (k) plan. If his employer matches 9% of his contributions, how much will have been contributed to the 401 (k) plan after 4 years?

+5

Answers (1)

Know the Answer?

Abel Johnston · Answer 1

6% of $25,000 is $1,500 a year

9% of $1,500 is $135 that his employer gives him

The total of that is $1,635 a year

$1,635*4=$6,540 total after 4 years