your job pays you a yearly salary of $50,000 and also contributes an amount to your retirement plan equal to…

your job pays you a yearly salary of $50,000 and also contributes an amount to your retirement plan equal to 5% of your salary. how much money does your employer give you for your retirement plan each year? choose 1 answer: a $2,500 b $5,000 c $50,000 d $52,500

your job pays you a yearly salary of $50,000 and also contributes an amount to your retirement plan equal to 5% of your salary. how much money does your employer give you for your retirement plan each year? choose 1 answer: a $2,500 b $5,000 c $50,000 d $52,500

Answer

Explanation:

Step1: Identify the formula

We use the formula: Amount = Percentage×Total amount.

Step2: Convert percentage to decimal

5% is 0.05 in decimal form.

Step3: Calculate the amount

The total salary is $50000. So the amount for retirement plan is $0.05\times50000$. $0.05\times50000 = 2500$

Answer:

A. $2,500$