Question

You earn $30K at your job, and put 20% aside each month into a retirement fund. Your

company is super cool and matches your contributions. For every dollar you put into
your IRA, your employer also puts in a dollar.
How much will you have contributed to your retirement account by the end of the year?

Answer 1

$12,000

Explanation:

20% as a decimal is 0.20

30,000 x 0.20 = 6,000

If the employer matches that, the amount deposited is double.

6,000 x 2 = 12,000

That is probably the answer they want. Technically the question asks way *you* will have contributed, which is $6,000, but I don’t think they’re trying to make this a trick question. I would go with 12k