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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![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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F998e3a69-62ae-428c-bf1f-5dc35cdb9b2b%2F0ab50b64-143f-411f-a466-7b72a556f419%2Fjpben0c_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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?
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