Martin Baker

Mathematics

4 June, 05:11

Terrell contributes to an employer-sponsored 401 (k) plan. For the first 6% of

Terrell's salary, his employer matches 100% of his 401 (k) contributions, and

from 6% to 12%, Terrell's employer matches 50% of his 401 (k) contributions.

Terrell's salary is $40,000, and last year, he contributed $5000 to his 401 (k)

plan. What was the total amount that was contributed to his 401 (k) last year?

A. $5000

B. $6700

C. $8600

D. $3600