Part (b)

1.Knowing that Sally put 2% of her salary into her 401K during her first two years, how much has Sally contributed to her 401-K plan on the first year?
2.What is Sally’s gross salary on the 2nd year, after a 3.5% raise?
3.Knowing that Sally put 2% of her salary into her 401K during her first two years, how much has Sally contributed to her 401-K plan on the second year?

To find the answers to these questions, we need some additional information. Specifically, we need to know Sally's salary for each of the first two years. Once we have that information, we can calculate the answers.

1. To determine how much Sally contributed to her 401K plan in the first year, we need to know her salary for that year. Let's assume her salary for the first year is $X.

To calculate the contribution, we use the formula:
Contribution = (Percentage / 100) * Salary

Given that Sally contributed 2% of her salary, we can substitute the values into the formula:
Contribution = (2 / 100) * X

The result will give us the amount Sally contributed to her 401K plan in the first year.

2. To find Sally's gross salary in the second year after a raise of 3.5%, we also need to know her salary for the first year. Let's assume her salary for the first year is $X.

To calculate the gross salary in the second year after a raise, we use the formula:
Gross Salary = Salary + (Raise Percentage / 100) * Salary

Given that the raise percentage is 3.5%, we can substitute the values into the formula:
Gross Salary = X + (3.5 / 100) * X

The result will give us Sally's gross salary in the second year.

3. Similar to question 1, to find out how much Sally contributed to her 401K plan in the second year, we need to know her salary for that year. Let's assume her salary for the second year is $Y.

Using the same formula as before:
Contribution = (2 / 100) * Y

The result will give us the amount Sally contributed to her 401K plan in the second year.

Once we have the specific values for Sally's salaries in both years, we can calculate the answers to the questions accurately.