Question

Last year, Rebecca contributed $95 per month toward her 401(k) account. If her employer matched 19% of her contributions, what was the total amount contributed to the 401(k) at the end of the year?

Answer 1

Equation is provided below:

$95 = contribution of Rebecca per month
12 months = months to complete by the end of the year
19% = employer's contribution per month
? = total amount contributed in a year

$95 * 12 months = $1,140 (Rebecca's contribution for a year)
$95 * 19% = $18.05 (contribution of Rebecca's Employer per month)
$18.05 * 12 = $216.60 (contribution of Rebecca's Employer for a year)
$1,1470 + $216.60 = $1,356.60

The total amount contributed to the 401(k) account at the end of the year is $1,356.60.