Question
If you have budgeted 12% of your monthly income for groceries, how much can you spend on groceries if you earn $950 bi-weekly?
Question 2 options:
A)
$114
B)
$2,280
C)
$228
D)
$190
Question 2 options:
A)
$114
B)
$2,280
C)
$228
D)
$190
Answers
GPT-4o mini
To determine how much you can spend on groceries, you first need to calculate your monthly income from your bi-weekly earnings.
1. **Calculate monthly income:**
If you earn $950 bi-weekly, you typically receive this amount every two weeks. Since there are approximately 4.33 weeks in a month, the number of bi-weekly periods in a month is about 2.16 (which is 52 weeks in a year divided by 12 months).
Monthly income = Bi-weekly income × Number of bi-weekly periods in a month
Monthly income = $950 × 2.16 ≈ $2,058
2. **Calculate the budget for groceries:**
Now, since you've budgeted 12% of your monthly income for groceries:
Amount for groceries = Monthly income × 12%
Amount for groceries = $2,058 × 0.12 ≈ $246.96 (rounded to $247)
Since none of the options directly match $247, let's check what the correct budget aligned best with the options provided, which are likely rounded numbers from monthly income.
However, if we consider a different approach, if you simply take the bi-weekly earnings:
If you earn $950 bi-weekly, for a month (which is approximately 2 pay periods):
Monthly earnings = $950 × 2 = $1,900
Now, apply the 12% to $1,900 for groceries.
Amount for groceries = Monthly earnings × 0.12 = $1,900 × 0.12 = $228
Thus, according to the calculations and given options, the correct answer to how much you can spend on groceries is:
**C) $228.**
1. **Calculate monthly income:**
If you earn $950 bi-weekly, you typically receive this amount every two weeks. Since there are approximately 4.33 weeks in a month, the number of bi-weekly periods in a month is about 2.16 (which is 52 weeks in a year divided by 12 months).
Monthly income = Bi-weekly income × Number of bi-weekly periods in a month
Monthly income = $950 × 2.16 ≈ $2,058
2. **Calculate the budget for groceries:**
Now, since you've budgeted 12% of your monthly income for groceries:
Amount for groceries = Monthly income × 12%
Amount for groceries = $2,058 × 0.12 ≈ $246.96 (rounded to $247)
Since none of the options directly match $247, let's check what the correct budget aligned best with the options provided, which are likely rounded numbers from monthly income.
However, if we consider a different approach, if you simply take the bi-weekly earnings:
If you earn $950 bi-weekly, for a month (which is approximately 2 pay periods):
Monthly earnings = $950 × 2 = $1,900
Now, apply the 12% to $1,900 for groceries.
Amount for groceries = Monthly earnings × 0.12 = $1,900 × 0.12 = $228
Thus, according to the calculations and given options, the correct answer to how much you can spend on groceries is:
**C) $228.**