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this is the only information given Tom Grady ears $100,000 per year as a marketing executive at Patriot Marketing, Inc. He has a 401(k)-profit sharing
this is the only information given
Tom Grady ears $100,000 per year as a marketing executive at Patriot Marketing, Inc. He has a 401(k)-profit sharing plan with the company and he wants you to calculate his vested balance. He has provided you with the following information: Mr. Grady's plan is on a 2 to 6 graduated vesting schedule He has completed 4 years of service. He has earned exactly $100,000 each year with no adjustments for inflation. Mr. Grady has elected the following deferrals over the following over the past 4 years: 1) $15,000 2) $16,000 3) $17,000 4) $12,000 The company matched 50 cents on every dollar each year up to a maximum of 6% of his salary per year. The company provided $2,000 profit sharing contributions each year over the last 4 years to Mr. Grady's account. Mr. Grady's account earned the following investment returns (in dollars) over the last 4 years for each of the following: Mr. Grady's Elective deferrals $12,000 Company matching and profit-sharing contributions $3,500 1. What is Mr. Grady's total account balance Step by Step Solution
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