The Rector Corporation maintains a SIMPLE-IRA retirement plan for its employees.The company has notified its employees that in 2016 it will fund the SIMPLE-IRA by matching an employee's contribution up to a maximum of 2% of the employee's salary.Avis' salary in 2016 is $240,000 and she contributes $2,800 to the plan.What amount must Avis contribute on Andorra's behalf?
A)$2,800
B)$3,000
C)$3,400
D)$4,800
E)$4,900

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The Answer of The Rector Corporation maintains a SIMPLE-IRA retirement plan for its employees.The company has notified its employees that in 2016 it will fund the SIMPLE-IRA by matching an employee's contribution up to a maximum of 2% of the employee's salary.Avis' salary in 2016 is $240,000 and she contributes $2,800 to the plan.What amount must Avis contribute on Andorra's behalf?
A)$2,800
B)$3,000
C)$3,400
D)$4,800
E)$4,900

The Rector Corporation Maintains a SIMPLE-IRA Retirement Plan for Its