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Use Matlab to answer the question 1. Many large companies encourage their employees to contribute a portion of their salary toward their 401(K) savings plan
Use Matlab to answer the question
1. Many large companies encourage their employees to contribute a portion of their salary toward their 401(K) savings plan by matching employees' contribution to a certain percentage. Saving is tax-free before it is actually used. Hence, government puts a maximum pre-tax money that could be saved in a 401(K) plan. Following table show the percentage of tax-free salary that each employee can save based on the salary tiers, and the company's contribution toward the saving Salary range Max you can save tax free Maximum that company will match 10% 10% of the first $30,000 and 5% Up to $30,000 10% Between $30,000 and $60,000 | 10% of the amount above $30,000 Between $60,000 and $100,000 | 10% of the first $60,000 and 8% | 10% of the first $30,000 and 5% of the amount above $60,000of the amount between $30,000 and $60,000; nothing for the remainder above $60,000 10% of the first $60,000 and 8% | Nothing-highly compensated of the amount between $60,000 employees are exempt from and $100,000; nothing on thethis plan and participate in amount above $100,000 Above $100,000 stock options instead Write a function (called "retirement") that takes your salary as input, and return savings in your 401(K) in terms of your contribution, your company's contribution, and total annual savings. (10 points)Step by Step Solution
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