Question

Nancy’s gross annual income is 46,905. She is paid monthly and has 9% deducted from her paycheck for her 403(b). Her employer matches her deduction up to 3%

How much is deposited into her retirement plan each payday?

A)$234.52
B)$351.79
C)469.05
D)$703.58

Answer 1

Answer:$469.06

Explanation:

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Answer 2

Option C) $469.05

Explanation:

Annual gross income of Nancy = $46,905

She is paid monthly and her monthly pay =
`(46905)/(12)`

= $3,908.75

The amount deducted from her paycheck under 403(b) = 9% of her monthly pay.

Her employer matches her deduction up to 3%.

9% from her pay + 3% of her pay by employer = Total monthly deposit into her 403(b)

Total deposit = 12% of 3908.75

= 0.12 × 3908.75

= $469.05

$469.05 is deposited into her retirement plan each payday.