question 8 (1 point) kamara just started work at a new job with a 401k. the company will match up to 7.5% of…

question 8 (1 point) kamara just started work at a new job with a 401k. the company will match up to 7.5% of her salary into the 401k. if she contributes fully to the 401k, and she earns $23.97/hour and works 39 hours per week, how much money will be in the 401k after one year? assume she works 49 weeks a year. round to the nearest cent. your answer: answer units

question 8 (1 point) kamara just started work at a new job with a 401k. the company will match up to 7.5% of her salary into the 401k. if she contributes fully to the 401k, and she earns $23.97/hour and works 39 hours per week, how much money will be in the 401k after one year? assume she works 49 weeks a year. round to the nearest cent. your answer: answer units

Answer

Explanation:

Step1: Calculate annual salary

First, find the annual salary. She works 39 hours per week and 49 weeks a year at a rate of $23.97 per hour. The annual - salary formula is $Annual\ salary = Hourly\ rate\times Hours\ per\ week\times Weeks\ per\ year$. So, $Annual\ salary=23.97\times39\times49 = 23.97\times1911=45806.67$.

Step2: Calculate employee contribution

She contributes 7.5% of her salary to the 401K. The employee - contribution formula is $Employee\ contribution = Annual\ salary\times Contribution\ percentage$. So, $Employee\ contribution = 45806.67\times0.075 = 3435.50025$.

Step3: Calculate company match

The company matches her contribution. So the company match is also $3435.50025$.

Step4: Calculate total 401K amount

The total amount in the 401K after one year is the sum of her contribution and the company match. $Total = Employee\ contribution+Company\ match=3435.50025 + 3435.50025=6871.0005$.

Step5: Round the result

Round to the nearest cent. The total amount is $$6871.00$.

Answer:

$6871.00$