Raymond has an annual salary of $60,000 and contributes 7% of his salary to a 401(k) plan. His employer matches 50% of his contribution up to 6% of his salary. The company's vesting schedule is graded 25% per year over 4 years. How much will the employer contribute annually, and how much will be vested after 4 years?
Answer
A
3 dollars comma 600 annually, 7 dollars comma 200 vested after 4 years
B
1 dollars comma 800 annually, 7 dollars comma 200 vested after 4 years
C
2 dollars comma 400 annually, 7 dollars comma 200 vested after 4 years
D
1 dollars comma 800 annually, 5 dollars comma 400 vested after 4 years