Last year Alvina contributed $85 per month toward her 401(k) account. If her employer matched 20% of her contributions, what was the total amount contributed to the 401(k) at the end of the year?
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There are two ways to do this. In one case the employer contributes to the lump sum value at the end of the year, but usually the employer contributes every time the employee contributes to their 401K.
Can you write an equation that determines how much money is contributed in a single month by the employee and the employer?
Alvina contribution = AC AC = 85
Employer Contribution = EC EC = (AC) times 20% FYI My employer only matched 2%
One month contribution = AC + EC
One month contribution = AC + 0.2(AC)
How much was contributed for the entire year ?