Problem
a) A company will match an employee's retirement contribution up to a maximum of 5% provided the employee contributes at least 2%. Calculate how much will be deposited into the employee's retirement account if the employee makes $75,000 and the employee contributes 10%.
b) A company will match an employee's retirement contribution up to a maximum of 7% provided the employee contributes at least 4%. Calculate how much will be deposited into the employee's retirement account if the employee makes $87,500 and the employee contributes 2%.