Question
Sally makes $40,000 per year and her company offers a 6% match. For every dollar she contributes, the company will match dollar for dollar. Sally
Sally makes $40,000 per year and her company offers a 6% match. For every dollar she contributes, the company will match dollar for dollar. Sally begins contributing on January 1st.
Answer the following:
How much should Sally contribute each year to gain the maximum match?
How much will the company contribute?
If she earns 7% on her final account balance at the end of year, how much will she have in her account?
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Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
18th edition
538479736, 978-1111534783, 1111534780, 978-0538479738
