A nonprofit organization offers a 5.5% salary contribution to John's 403b plan regardless of his own contributions, plus a matching 5.5% when John contributes 5.5% of his salary. John makes $.66,000 a year.
What is the amount of the total contribution to his 403b if John contributes 5.5% of his own money?

Question

Quizplus · Accepted Answer

Total contribution % = 5.5% + (2 × 5%) = 16.5%; $66,000 × 16.5% = $10,890

A Nonprofit Organization Offers a 5