Question

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?

Answer 1

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`