Question

Ernie Wagearner makes $729 per week. He knows his employer contributes 5.5% to a retirement annuity. How much does his employer contribute annually?

Answer 1

729 x 0.055 = 40.10 per week.  There are 52 weeks in a year so.....40.10 x 52 = 2085.20 is what I got

Answer 2

$2084.94 annually

Explanation:

Ernie Wagearner makes per week = $729

His employer contributes to a retirement annuity = 5.5%

Contribution to a retirement annuity = 5.5% × 729

=
`(5.5)/(100)` × 729

= 0.055 × 729

His employer contributes weekly = $40.095

There are 52 weeks in a year.

Therefore, His annually contribution = 40.095 × 52 = $2084.94

His employer contribute $2084.94 annually.