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.

Answer 1

To determine how much Margo will save each month, we first need to find out what 22% of her paycheck of $2500 is.

To calculate 22% of $2500, we can convert the percentage into a decimal and then multiply it by the paycheck amount.

Here's how we do it:

1. Convert 22% to a decimal: \[ 22% = \frac{22}{100} = 0.22 \]

2. Multiply the paycheck amount by the decimal: \[ \text{Savings per month} = 0.22 \times 2500 \] \[ \text{Savings per month} = 550 \]

So, Margo saves $550 each month.

Now, to find out how much she will have saved after a year (which is 12 months), we multiply her monthly savings by 12: \[ \text{Total savings after a year} = 550 \times 12 = 6600 \]

Therefore, after a year of saving, Margo will have saved $6600.