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George Clausen (age 48) is employed by the Kline Cimpany and is paid a salary...

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Accounting

George Clausen (age 48) is employed by the Kline Cimpany and is paid a salary of $42,640. He has just decided to join the companys 401(k) Plan that has a matching contribution of 3%. He has a few questions. Answer the following for Clausen:

What is the maximum that he can contribute into his retirement fund?

What would be the companys contribution?

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