Lou’s gross annual income is $41,028. He is paid biweekly and has 4% deducted from his paychecks for his 401(k). His employer matches his deduction, up to 3%.

How much is deposited into Lou’s 401(k) each payday?
(Points : 1) $94.68
$110.46
$119.67
$126.24

Question

Lou’s gross annual income is $41,028. He is paid biweekly and has 4% deducted from his paychecks for his 401(k). His employer matches his deduction, up to 3%.

 How much is deposited into Lou’s 401(k) each payday? 
 (Points : 1)    $94.68
        $110.46
        $119.67
        $126.24

anonymous · Answer

[41,028 * (.03+.04)]/26 = deposit in 401k