Retirement Investment Exercise

Tom and Jenny graduated college and got married. Both are in their $20$s and have decided to contribute to their retirement right away.

Tom works for Accenture and earns $$50,000$ per year.

Jenny works for Prudential and earns $$53,000$ per year.

$401($k$)$

Tom contributes $5\%$ to his $401($k$).$ Accenture matches up to $5\%$

Jenny contributes $5\%$ to her $401($k$).$ Prudential matches up to $2\mathrm{.}5\%$

IRA

Tom and Jenny both contribute the maximum their own Roth IRAs, over and above what they contribute through their employers. $($A Roth IRA is NOT the same as a $401$k$.$ It is another investment vehicle.$)$

Questions

$1)$ Annually, how much do Tom and Jenny contribute to their $401($k$)$s$?$

$$ Tom $-$

$$ Jenny $-$

$$ Add Both Together $-$

$2)$ Annually, how much did their employers contribute to the $401($K$)$s$?$

$$ Tom $-$

$$ Jenny $-$

$$ Add Both Together $-$

$3)$ If Tom and Jenny contribute the maximum to their Roth IRA this year, what was the total contribution?

$4)$ What was the total contribution collected? Add all contributions $($including Roth IRA amounts$)$ from Tom, Jenny, and their employers.