Jaquan has a salary of $48,000 His company offers a 401(k) and matches 100% of his contribution up to 5% of his salary. The company's vesting schedule is graded: 20% per year over 5 years. If Jaquan contributes 5% of his salary, how much will the employer contribute, and how much will be vested after 3 years?
Answer
A
4 dollars comma 800 employer contribution, 3 dollars comma 600 vested after 3 years
B
3 dollars comma 600 employer contribution, 2 dollars comma 160 vested after 3 years
C
2 dollars comma 400 employer contribution, 1 dollars comma 800 vested after 3 years
D
7 dollars comma 200 employer contribution, 4 dollars comma 320 vested after 3 years