Mr. JCT is working a company providing 401(k) retirement plan. He contributed $6,000 to the plan this year. The company's retirement plan is to match 2.5% of its employees' contributions. JCT's annual salary is $50,000. What is Mr. JCT's savings rate this year?
Mr. JCT is working a company providing 401(k) retirement plan. He contributed $6,000 to the plan this year. The company's retirement plan is to match 2.5% of its employees' contributions. JCT's annual salary is $50,000. What is Mr. JCT's savings rate this year?
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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