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3. George Clausen (age 48) is employed by Kline company and is paid a salary of $42,640. He has just decided to join the companys

3. George Clausen (age 48) is employed by Kline company and is paid a salary of $42,640. He has just decided to join the companys 401(k) Plan that has a matching contribution of 3%. He has a few questions. Answer the following Clausen:

a. What is the maximum that he can contribute into this retirement fund?

b. What would be the companys contribution?

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