If the answer to Exercise 60 is yes, then the company contributes only the \(6 \%\) of Remy's salary. In this case, how much does the company contribute?

Remy wants to use his 401 (k) to save \(\$ 1,750,000\) when he retires in 30 years. He assumes the plan will yield \(10.4 \%\) compounded annually. His company will match contributions up to \(6 \%\) of annual salary. His salary is \(\$ 78,000\).

Data from Exercises 60

Does the answer to Exercise 59 exceed the result from Exercise 58?

Data from Exercises 59

The company will match up to \(6 \%\) of Remy's salary, which means half the payment (up to \(6 \%\) of salary) will be contributed by the company. How much is half the necessary payment?