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Can you explain to me how to do this step by step? Thank you! Harry Kerry elects to contribute 11% of his monthly salary of

Can you explain to me how to do this step by step? Thank you!image text in transcribed

Harry Kerry elects to contribute 11% of his monthly salary of $6,500 to his 401(k) plan. His company will match the first 5% of his salary dollar for dollar. The company also promises to match the next 10% of his salary at a rate of fifty cents on the dollar (50\%). How much is the total contribution (Ricky Bob's plus the company matching funds) to Ricky Bob's 401 (k) plan each month? $715 $325 $1,235 $520

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