In 2023, Maggy (34 years old) is an employee of YBU Corporation. YBU provides a 401(k) plan for all its employees. According to the terms of the plan, YBU contributes 50 cents for every dollar the employee contributes. The maximum employer contribution under the plan is 15 percent of the employee's salary (if allowed, YBU contributes until the employee has contributed 30 percent of her salary). (Use Exhibit 13-2)

d. Maggy wants to maximize YBU's contribution to her 401(k) account in 2023. Assume Maggy is 55 years old rather than 34 years old at the end of the year.

How much should Maggy contribute to her 401(k) account?

EXHIBIT 13-2 Defined Contribution Plans Minimum Vesting Schedules* * Percent of employer contributions no longer subject to forfeiture. Source: 411(a). EXHIBIT 13-2 Defined Contribution Plans Minimum Vesting Schedules* * Percent of employer contributions no longer subject to forfeiture. Source: 411(a)