Give the step-by-step reasoning process and then the final answer. Holly gets 26 paychecks per year. If she puts $100.00 from every paycheck into her 401K, her company will match that contribution by 6%. How much money has she and her company contributed to her 401k after 1 year?
User
She puts $100.00 into her 401k from every paycheck and she gets 26 paychecks so that’s 100 * 26 = $2,600.00. Her company matches her $100.00 by 6% so they contribute 100 * .06 = $6.00 every paycheck. Over a year, the company contributes $6.00 to her 401k with every paycheck so they contribute 6 * 26 = $156.00. Holly puts $2,600.00 into her 401k annually and her company contributes $156.00 annually so she has 2600 + 156 = $2,756 in her 401k.
The final answer: 2756.
Assistant