Question

Marcus wants to increase the amount he is setting aside for savings from
18
%
18% to
20
%
20%. How much more will he be saving?



Marcus will be saving $
more each month.

Answer 1

To determine how much more Marcus will be saving each month by increasing his savings rate from 18% to 20%, we need to know the amount of money he is saving currently.

Let's denote Marcus's monthly income as \( I \).

1. **Current Savings**: At 18%, his current savings is:
\[
\text{Current Savings} = 0.18 \times I
\]

2. **New Savings**: At 20%, his new savings will be:
\[
\text{New Savings} = 0.20 \times I
\]

3. **Increase in Savings**: The difference in his savings will be:
\[
\text{Increase in Savings} = \text{New Savings} - \text{Current Savings}
\]
\[
= (0.20 \times I) - (0.18 \times I)
\]
\[
= (0.20 - 0.18) \times I
\]
\[
= 0.02 \times I
\]

So, the amount Marcus will save more each month is \( 0.02 \times I \).

If you provide Marcus's monthly income, I can calculate the exact dollar amount of additional savings.