select the correct answer. leslies employer will match up to 3% of her salary in contributions to her…

select the correct answer. leslies employer will match up to 3% of her salary in contributions to her 401(k). her monthly salary is $3,200, and the company allows her to make contributions to a maximum of 10% of her salary. what is the maximum monthly deposit to leslies 401(k), including her employers matching contribution? a. $41.60 b. $96.00 c. $320.00 d. $416.00 e. $640.00

select the correct answer. leslies employer will match up to 3% of her salary in contributions to her 401(k). her monthly salary is $3,200, and the company allows her to make contributions to a maximum of 10% of her salary. what is the maximum monthly deposit to leslies 401(k), including her employers matching contribution? a. $41.60 b. $96.00 c. $320.00 d. $416.00 e. $640.00

Answer

Explanation:

Step1: Calculate Leslie's contribution

Leslie can contribute up to 10% of her salary. Her monthly salary is $3200. So her contribution is $3200\times0.1 = 320$.

Step2: Calculate employer's match

The employer matches up to 3% of her salary. So the employer's match is $3200\times0.03=96$.

Step3: Calculate total maximum monthly deposit

The total maximum monthly deposit is the sum of Leslie's contribution and employer's match, which is $320 + 96=416$.

Answer:

D. $416.00