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just olya [345]

2 years ago

7

Mickey is 40 years old and has his retirement savings in a 401(k). If he makes $55,000 annually, what is the maximum percentage

of his income that he can contribute to his 401(k) plan per year? (The current maximum contribution limit is $16,500.)

2 answers:

LiRa [457]2 years ago

8 0

Answer:

30%.

Step-by-step explanation:

We have been given that Mickey makes $55,000 annually and the current maximum contribution limit to 401(k) plan is $16,500. We are asked to find the maximum percentage Mickey can contribute of his 401(k) plan.

To find the maximum contribution percentage, we need to figure out $16,500 is what percent of $55,000.

$\text{The maximum contribution percentage}=\frac{\$16,500}{\$55,000}\times 100$

$\text{The maximum contribution percentage}=0.30\times 100$

$\text{The maximum contribution percentage}=30\%$

Therefore, Mickey can contribute 30% of his annual income to his 401(k) plan at maximum.

alexdok [17]2 years ago

7 0

The answer will be 30%

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Dean took out a 10-year loan for $40,000 at an APR of 4% compounded monthly. What will his balance be after he has made exactly

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The balance be after he has made exactly half of his monthly payments is $56881.4.

Step-by-step explanation:

Given : Dean took out a 10-year loan for $40,000 at an APR of 4% compounded monthly.

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Solution :

Formula of monthly payment ,

$M=\frac{\text{Amount}}{\text{Discount factor}}$

Discount factor $D=\frac{1-(1+i)^{-n}}{i}$

Where, Amount = $40,000

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$i=\frac{4}{100}=0.04$

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$n=10\times12=120$

Now, put all the values we get,

$D=\frac{1-(1+i)^{-n}}{i}$

$D=\frac{1-(1+0.04)^{-120}}{0.04}$

$D=\frac{1-(1.04)^{-120}}{0.04}$

$D=\frac{1-0.00903}{0.04}$

$D=\frac{0.9909}{0.04}$

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$M=\frac{40000}{24.7725}$

$M=1614.69$

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a lunch stand makes a $.75 profit on each chef's salad and $1.20 profit on each caesar salad. On a typical weekday, it sells bet

tangare [24]

Answer:

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Suppose, the number of Chef's salad is $x$ and the number of Caesar salad is $y$

On a typical weekday, it sells between 40 and 60 Chefs salads and between 35 and 50 Caesar salads.

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