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Administrative assistant in a public company

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Reference no: EM131234288

Candice earns $85,000 working as an administrative assistant in a public company based in New York. The company provides a matching contribution in the 401(k) plan of 50% up to a maximum contribution of 4% of compensation. Her 401(k) plan account had $20,000 in it at the beginning of the year. She contributed $5,000 to the plan this year and the employer made the matching contribution before year end.

The ending balance of the account is $30,000. What is her savings rate this year?

a. 8.8%

b. 9.9%

c. 12.5%

d. 25%

Reference no: EM131234288

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