Question

last year an automotive technician had a gross income of $32,200 of which she contributed 6% to her 401(k) plan. If she got paid weekly, how much was deducted from each paycheck for the 401(k) plan?

Answer 1

The right APEX answer is $37.15

Answer 2

Since there are 52 weeks in a year, we find her weekly paycheck amount by dividing her total salary, 32200, by 52:
32200/52 ≈ $619.23 (we round to the nearest cent)
She takes 6% of her check and invests it in her 401(k). 6% = 6/100 = 0.06. We multiply her weekly check amount by 0.06 to find how much was invested each week:
$619.23(0.06) ≈$37.15 (again round to the nearest cent).