Part I: Save Money Jeff just got his first job out of college making $54,000 a year. The benefits package is great and includes a 50 cents for every dollar employer match up to 7% of his salary (so, for any amount up to 7% of his salary that he chooses to contribute to his 401k, his employer will contribute half of that amount to his 401k as well). As an example, if Jeff elects to deposit $200 into his 401k each month, then his employer will put an additional $100 into his 401k each month since $200 is less than 7% of his monthly salary. In this case, $300 would go into his 401k each month in total. 1. (10 points) Find the following values: a. Jeff's monthly salary: b. 7% of his monthly salary: c. The maximum amount that his employer would put into his 401k each month (maximum monthly match):

Part I: Save Money Jeff just got his first job out of college making $54,000 a year. The benefits package is great and includes a 50 cents for every dollar employer match up to 7% of his salary (so, for any amount up to 7% of his salary that he chooses to contribute to his 401k, his employer will contribute half of that amount to his 401k as well). As an example, if Jeff elects to deposit $200 into his 401k each month, then his employer will put an additional $100 into his 401k each month since $200 is less than 7% of his monthly salary. In this case, $300 would go into his 401k each month in total. 1. (10 points) Find the following values: a. Jeff's monthly salary: b. 7% of his monthly salary: | c. The maximum amount that his employer would put into his 401k each month (maximum monthly match)