Question

Supppose you work for a company that has a 401k plan. Your first-year annual salary is $28,200 and you are contributing 10% of your monthly paycheck onto your 401k.

Write a rule for the amount of money contributed to the plan after "n" months.

Suppose your salary inreases by $1400 each year. Write a rule to describe your salary during the "n"th year.

Answer 1

U need to try and figure it out and then ask if it is right. Jiskha is not a tell u the answer website. It is a try and then ask!! OK!!! Now figure it out then ask and then I will help u!! GOOD LUCK!

Answer 2

well for the first one...i came up with

a sub n= 28,200x(.1) to the (n-1) power

is that right?

Answer 3

Ah, your monthly salary is 28,200/12 and it is the monthly, not yearly figure you need for the first part.

Answer 4

yes!!! it is. GREAT JOB!!! See u knew the answer the whole time all u needed to do was to try. If you ever need help again I will be on!!


Emi

Answer 5

Now we all wish it worked by a power law like that but unfortunately it is just the same amount every month

that amount the first month
that again for a total of 2 thats
that a third time for a total of 3 thats

Answer 6

Now do the second part the same way, except now it does indeed go by years.
Again it increases by a constant amount every time period, not by a percentage of the previous amount. That makes it much simpler than it would be otherwise.

Answer 7

okay so if it says ...how much will u have ontributed to the plan after 6 months...should i do:

28,200/12 x (.1)to the n-1 power

or should i not divide by 12?

Answer 8

It is not to the power at all
it is just the number of month times the contribution every month which is 2350 times n

Answer 9

Now the second one is the same theory, again nothing to a power.
first column year
second column salary
1 28,200 salary increases by $1400 each year.

2 28200+ 1400=29600
3 28200+ 2*1400 =31000
4 28200+ 3*1400 =32400
....
n 28200+(n-1)*(1400)