Margo is trying to be financially responsible. She is going to save 22% of her paycheck every month. If her paycheck is $2500 each month, then how much money will she have saved after a year of saving?

Question

Determine the proportion to determine 22% of $2500.

(3 points)
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Question 2
Margo is trying to be financially responsible. She is going to save 22% of her paycheck every month. If her paycheck is $2500 each month, then how much money will she have saved after a year of saving?(1 point)
Responses

$1,363

$6,600

$9,500

$11,364

Answer 1

To determine how much money Margo will save in a year, we first need to calculate 22% of her monthly paycheck of $2500.

Step 1: Calculate 22% of $2500

22% can be expressed as a fraction: \[ 22% = \frac{22}{100} = 0.22 \]

Now, calculate 22% of $2500: \[ \text{Savings per month} = 2500 \times 0.22 \] \[ \text{Savings per month} = 2500 \times 0.22 = 550 \]

Step 2: Calculate the annual savings

Now, since she saves $550 each month, we multiply that amount by the number of months in a year (12): \[ \text{Annual savings} = 550 \times 12 \] \[ \text{Annual savings} = 6600 \]

Conclusion

After a year of saving, Margo will have saved $6,600.

The correct response is $6,600.