Tyrone has an annual salary of $48,000. His employer offers a 401k plan where they match 25% of Tyrone's 401k contributions up to 5% of his salary. The maximum allowable contribution to any 401k is $16,500. To maximize his employer's contribution, Tyrone should deposit $200 a month into his account and his employer will deposit $50.
Answer the following statement true (T) or false (F)
True
48,000 ´ 0.05 = 2,400 ÷ 12 = 200; 200 ´ 0.25 = $50.
Mathematics
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