Question

Last year, Gilbert contributed $75 toward his 401(k) account each month. If his employer matched 16% of his contributions, what was the total amount contributed to the 401(k) at the end of the year?

Answer 1

$75 to his 401k each month......75(12) = 900 in a yr.
his employee matched 16% of his contributions..
16% of 900 =
0.16(900) = 144

so the total amount contributed was : 900 + 144 = $ 1044

Answer 2

$1044 was contributed.

Explanation:

Last year, Gilbert contributed toward his 401(k) account each month = $75.00

Contribution in a year = $75.00 × 12 = $900.00

His employer matched 16% of his contribution

Employer's contribution = 16% of $900.00

`(16)/(100)` × 900

= 0.16 × 900 = $144.00

Total contribution = $900 + $144 = $1044

The total amount $1044 was contributed to the 401(k) at the end of the year.