Jaime’s employer contributes to the employees’ 401(k) plans as part of a benefit package. the company will match up to 4% of an employee’s salary. suppose jaime’s salary is $54,000 per year, and they allow him to make contributions to his 401(k) to a maximum of 12% of his salary. the minimum amount that jaime should contribute each month to maximize his employer’s contributions is % of his salary, or $ a month.

Step-by-step explanation:

If the employer matches up to 4% of Jaime's salary,

first thing is to find what that percentage adds up to;

Jaime's total salary = $54,000

4% of the total = 0.04*54,000 = $2,160 per year

If the employer matches a dollar for dollar, Jamie will have an additional $2,160 from his employer's contribution in 1 year

Next,

Find Jamie's contribution per month; 2,160/12 = $180

Therefore, to maximize his employer's contribution, he needs to contribute $180 per month

a

step-by-step explanation:

jjddbdhid r

(a) {a₁, a₁r, a₁r², … a₁rⁿ⁻¹, …}

(b) $59 398

step-by-step explanation:

(a) the annual sequence of profits

aₙ = a₁rⁿ⁻¹

the model for the sequence of profits is {a₁, a₁r, a₁r², … a₁rⁿ⁻¹, …} .

(b) profit after 15 yr

  a₁ = $ 30 000

  r = 1.05

a₁₅ = 30 000 × 1.05¹⁴

a₁₅ = 30 000 × 1.979 93

a₁₅ = $59 398

the profit in year 15 will be $59 398.