Question

7.) Earl is the CFO of a medium sized Fast Food chain. He earns $300,000 per year and his company contributes 10% of salary into a money purchase pension plan. They also offer a 401k plan without any match. Earl puts the maximum contribution into his 401k account as well. What will be the company contribution into his qualified retirement account? a.) $30,000 b.) $26,000 c.) $17,500 d.) $1,750 e.) $47,500