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Mr. JCT is working a company providing 401(k) retirement plan. He contributed 56,000 to the plan this year. The company's retirement plan is to match

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Mr. JCT is working a company providing 401(k) retirement plan. He contributed 56,000 to the plan this year. The company's retirement plan is to match 2.5% of its employees' contributions. JCT's annual salary is $50,000. What is Mr. JCT's savings rate this year

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