I'm terrible at Math, someone please help me!

Question

Wayne is 37 years old and has his retirement savings in a 401(k). If he makes $110,000 annually, what is the maximum percentage of his income that he can contribute to his 401(k) plan per year? (The current maximum contribution limit is $16,500.)
A. 16.5%

B. 30%

C. 15%

D. 12%

Answer 1

So, Amanda, if the limit is $16,500 and he makes $110,000, he can contribute 16500/110000 = .15 = 15%, so your answer is C.