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Last year, a construction worker had a gross income of $29,700, of which he contributed 7% to his 401(k) plan. If he got paid monthly, how much was deducted from each paycheck for his 401 (k) plan?

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sqdancefan

Answer:

  $173.25

Step-by-step explanation:

His annual contribution is ...

  0.07 × $29,700 = $2079

If 1/12 of that is contributed each month, the monthly contribution is ...

  $2079/12 = $173.25

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