# MATH!!!

posted by .

Supppose you work for a company that has a 401k plan. Your first-year annual salary is \$28,200 and you are contributing 10% of your monthly paycheck onto your 401k.

Write a rule for the amount of money contributed to the plan after "n" months.

Suppose your salary inreases by \$1400 each year. Write a rule to describe your salary during the "n"th year.

• MATH!!! -

U need to try and figure it out and then ask if it is right. Jiskha is not a tell u the answer website. It is a try and then ask!! OK!!! Now figure it out then ask and then I will help u!! GOOD LUCK!

• MATH!!! -

well for the first one...i came up with

a sub n= 28,200x(.1) to the (n-1) power

is that right?

• MATH!!! -

yes!!! it is. GREAT JOB!!! See u knew the answer the whole time all u needed to do was to try. If you ever need help again I will be on!!

Emi

• MATH!!! -

Ah, your monthly salary is 28,200/12 and it is the monthly, not yearly figure you need for the first part.

• MATH!!! -

Now we all wish it worked by a power law like that but unfortunately it is just the same amount every month

that amount the first month
that again for a total of 2 thats
that a third time for a total of 3 thats

• MATH!!! -

Now do the second part the same way, except now it does indeed go by years.
Again it increases by a constant amount every time period, not by a percentage of the previous amount. That makes it much simpler than it would be otherwise.

• MATH!!! -

okay so if it says ...how much will u have ontributed to the plan after 6 months...should i do:

28,200/12 x (.1)to the n-1 power

or should i not divide by 12?

• MATH!!! -

It is not to the power at all
it is just the number of month times the contribution every month which is 2350 times n

• MATH!!! -

Now the second one is the same theory, again nothing to a power.
first column year
second column salary
1 28,200 salary increases by \$1400 each year.

2 28200+ 1400=29600
3 28200+ 2*1400 =31000
4 28200+ 3*1400 =32400
....
n 28200+(n-1)*(1400)

## Similar Questions

1. ### math

Sally Rogers, an employee of Advanced Ideas, Inc. has a gross salary of \$45,000 per year. Her company will match employee 401K contributions up to 5% of the gross salary. Due to personal financial constraints, Sally is only able to …
2. ### mATH part 1

Sally Rogers, an employee of Advanced Ideas, Inc. has a gross salary of \$45,000 per year. Her company will match employee 401K contributions up to 5% of the gross salary. Due to personal financial constraints, Sally is only able to …
3. ### Math Part 2

a.Execute the research necessary to understand the basic structure of a 401K plan. Write a brief summary of your findings. b.How much did Advanced Ideas, Inc. put into Sally’s 401K in her first two years?
4. ### maTH part (b)

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?
5. ### math part (c)

4.The total of your calculations would equal the amount Sally has contributed for the first two years. As we already know, the company would match employee 401K contributions up to 5% of the gross salary. What is the total amount contributed …
6. ### Math

Use symbols to represent unknowns and variables. Write inequalities to answer questions arising situations. 1. A sales representative is given a choice of two paycheck plans. One choice includes a monthly base pay of \$300 plus %10 …
7. ### finance

company starting salary 75,000 retirement benefits 401k with annual contribution of 5% company will match 3% (for max contribution of 8% salary) avg 401k return within mutual fund options at 8% per year sign on bonus 0 annual bonus …
8. ### Finance

Now that you have a full time job you are ready to start investing for retirement. Your corporation will match 50 cents of each dollar that you put in your 401K account up to the first \$7,000. You have altogether \$15,000 that you can …
9. ### Stats

8.0235% of the employees of the Acme Tire store are enrolled in a 401k at the store. If the company has 600 employees, what is the probability that less than 40 employees are entered in the 401k.
10. ### Math

Sal and Cal both work for the same company making ​\$55,000 each in annual salary. Sal deposits 5​% of her salary to her 401k plan and the company matches 25 cents for each dollar contributed to the 401k up to the 5​%. Cal deposits …

More Similar Questions