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Carmelo's employer matches 15% of Carmelo contributions to his 401(k) plan. If Carmelo's employer contributed $300 to the plan last year, how much did Carmelo contribute to the plan last year?

1 Answer

Nov 14, 2016

Carmelo contributed #color(green)($1700)# to his 401(k) plan

Explanation:

Let the total plan contributions be #P#

#15%# of #P = $300#

i.e. #15/100 xx P =$ 300#

#color(white)("XXX")rarr P=($cancel(300)^20 xx 100)/cancel(15)=$2000#

Carmelo's contribution #= P-$300#
#color(white)("XXXXXXXXXXXX")= $2000-$300=$1700#

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