If you work for a company that will match $2 for every $1 contributed, up to 5% (the company will put up to 5%) of your salary of $50,000, what is the maximum amount of free money from the company that you can earn this year? $5,000 $2,500 $2,000 $1,250

Question

Sampson

Business

7 September, 08:47

If you work for a company that will match $2 for every $1 contributed, up to 5% (the company will put up to 5%) of your salary of $50,000, what is the maximum amount of free money from the company that you can earn this year? $5,000 $2,500 $2,000 $1,250

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Answers (1)

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Hayden Jefferson · Answer 1

Given:

Maximum rate = 5%

Salary = $50000

For every $1 contributed you get $2;

Free money = rate of free money given by the company * salary

= 5/100 * 50000

= $2500

Investment = $2500/$2 * $1

= $1250

Option B. $2,500.