6
QuizMultiple Choice

Employer Retirement Plans — Quiz

Question 6 • Financial Math

Mykaela has an annual salary of $⁢55,000 from a company that offers a 401(k) plan. The employer matches 50% of her contribution up to 6% of her salary. If Mykaela contributes 6% of her salary, how much will the employer contribute?

Answer
A
1 dollars comma 200
B
1 dollars comma 650
C
3 dollars comma 300
D
2 dollars comma 200

Explanation

Mykaela contributes 6% of her $55,000 salary, which is $55,000 × 0.06 = $3,300. The employer matches 50% of that contribution: $3,300 × 0.50 = $1,650. The employer will contribute $1,650, choice C.

AI-written and checked against the verified answer.

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