Sophia works for a large corporation with a 401k retirement, Financial Management

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Sophia works for a large corporation with a 401k retirement

Sophia works for a large corporation with a 401(k) retirement plan. The company matches dollar-for-dollar the first 7% of every employee's salary contributed to his or her 401(k).

Sophia currently earns $55,000 in gross salary and currently contributes 10% of her salary into her 401(k). What is the total contribution (in dollars) to Sophia's account every year? Select the correct answer.

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Financial Management: Sophia works for a large corporation with a 401k retirement

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Financial Management: Sophia works for a large corporation with a 401k retirement

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