Answer:
Option C) $469.05
Step-by-step explanation:
Annual gross income of Nancy = $46,905
She is paid monthly and her monthly pay = [tex]\frac{46905}{12}[/tex]
= $3,908.75
The amount deducted from her paycheck under 403(b) = 9% of her monthly pay.
Her employer matches her deduction up to 3%.
9% from her pay + 3% of her pay by employer = Total monthly deposit into her 403(b)
Total deposit = 12% of 3908.75
= 0.12 × 3908.75
= $469.05
$469.05 is deposited into her retirement plan each payday.
