Amanda K.

asked • 12/12/15

I'm confused... help.

Last year Preston contributed $125 toward his 401(k) account each month. If his employer matched 14% of his contributions, what was the total amount contributed to the 401(k) at the end of the year?

A. $1710
B. $1156
C. $1923
D. $1500

1 Expert Answer

By:

Bill K. answered • 12/12/15

Tutor
5.0 (247)

Ivy League College Prep

See tutors like this
See tutors like this
If he contributes $125 each month, he would have contribute $125*12 = $1500 last year
If his employer contributed 14%, the total would be 1.14 times more 
= $1500*1.14 = $1710
Upvote • 1 Downvote
More
Report

Amanda K.

Where did you get the 1.14 from? wouldn't it be $1500*14%?
Report

12/12/15

Bill K.

0.14*1500 = $210 is what company contributed, so 
add this to what Preston contributed = 210 + 1500 = $1710
 
Report

12/12/15

Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.

OR

Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.