Jose has an employer-sponsored 401(k) plan that he contributes to, and his employer matches 25% of his contributions. Jose’s salary is $50,000, and last year he contributed $6000 to his 401(k) plan. What was the total amount that was contributed to his 401(k) last year?

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Question:

Jose has an employer-sponsored 401(k) plan that he contributes to, and his employer matches 25% of his contributions. Jose’s salary is $50,000, and last year he contributed $6000 to his 401(k) plan. What was the total amount that was contributed to his 401(k) last year?

Answer:

Given:
50,000 salary 
6,000 401K plan contribution of the employee
25% of employee’s contribution is the 401K plan contribution of the employer.

6,000 x 25% = 1,500 employer’s contribution
6,000 + 1,500 = 7,500

The total amount that was contributed to Jose’s 401K plan last year was 7,500.

They will possibly hopefully help the student deal with the question by working with the questions and answer examples. You would certainly then have a discussion with your classmate and continue the school learning by studying the problem to one another.

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