Caleb's annual salary is $50,000 per year. His employer matches 75% of his 401k contributions up to 10% of his annual salary. Caleb contributes $280 from each biweekly paycheck to his 401k account. What is the combined total of his annual contribution and his employer's contribution?

Caleb's annual salary is $50,000 per year. His employer matches 75% of his 401k contributions up to 10% of his annual salary. Caleb contributes $280 from each biweekly paycheck to his 401k account. What is the combined total of his annual contribution and his employer's contribution?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Caleb's annual salary is $50,000 per year. His employer matches 75% of his 401k contributions up to 10%
of his annual salary. Caleb contributes $280 from each biweekly paycheck to his 401k account. What is the
combined total of his annual contribution and his employer's contribution?
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