eileen has 2.5% of her earnings deposited into her retirement plan. If $330 per month is deposited in the plan, find her monthly and yearly earnings.
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Part 1
Her monthly earnings are $
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To find her monthly earnings, we can use the relationship between the amount deposited in her retirement plan and the percentage of her earnings.
If 2.5% of her earnings is equal to $330, then her monthly earnings would be:
(100% / 2.5%) * $330 = $13,200.
So her monthly earnings are $13,200.
Part 2
To find her yearly earnings, we can multiply her monthly earnings by 12.
$13,200 * 12 = $158,400.
So her yearly earnings are $158,400.