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USE THE FOLLOWING DATA TO ANSWER THE QUESTION John and Anne have the following expenses...

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Question

Accounting

USE THE FOLLOWING DATA TO ANSWER THE QUESTION

John and Anne have the following expenses and account balances:

Johns annual 401(k) contribution

$22,000

Johns annual salary

$165,000

Current Liabilities

$36,000

Housing Costs (PITI) monthly

$3,450

Cash & Cash Equivalents

$60,000

Monthly non-discretionary cash flows

$7,500

Monthly debt payments other than housing

$1,000

* Johns employer matches $1 for $1 up to 5% of his salary in his 401(k) plan.

Based on the information above, calculate the Savings Rate.

16.74

17.25

18.94

18.33

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