Answer:
The amount deposited into her retirement plan each payday is;
$469.05
Explanation:
From the details given on Nancy's income, we have;
Nancy's gross annual income = $46,905
The percentage deducted from her monthly paycheck for her 403(b) = 9%
The percentage her employer matches her deductions up to = 3%
Therefore, we have;
Her monthly pay = (Her gross annual income)÷12
∴ Her monthly pay = $46,905÷12 = $3,908.75
The amount deducted from her paycheck, A = 9% of $3,908.75
∴ A = 9/100 × $3,908.75 = $351.7875
The amount her employer matches her deductions up to, B = 3% of $3,908.75
∴ B = 3/100 × $3,908.75 = $117.2625
Therefore;
The amount deposited into her retirement plan each payday, D = A + B
∴ D = $351.7875 + $117.2625 = $469.05
The amount deposited into her retirement plan each payday, D = $469.05.