Final answer:
To get the full employer match in a 401(k) plan, you need to contribute 5% of your $4700 monthly salary, which is $235. Your employer will then match with 7%, which is $329 per month. In a year, a total of $6768 will be added to your account.
Step-by-step explanation:
If your monthly salary is $4700 and your employer provides a 401(k) plan with a matching contribution of 7% if you contribute at least 5%, calculating the total yearly contribution to your account involves a few steps. First, calculate your monthly contribution, which is 5% of your monthly salary:
0.05 x $4700 = $235
This is the amount you will contribute each month to get the full match. Next, calculate your employer's contribution, which is 7% of your monthly salary:0.07 x $4700 = $329
Every month, a total of $235 (your contribution) + $329 (employer contribution) = $564 will be added to your 401(k) account. To find the total for the year:$564 x 12 months = $6768
So, $6768 will be added to your account in total over one year.