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)

Answer 1

To determine 22% of Margo's monthly paycheck of $2500, we can use the following calculation:

1. First, convert the percentage to a decimal by dividing by 100: \[ 22% = \frac{22}{100} = 0.22 \]

2. Then, multiply the decimal by the paycheck amount to find the savings: \[ \text{Savings per month} = 0.22 \times 2500 \]

3. Performing the multiplication: \[ \text{Savings per month} = 0.22 \times 2500 = 550 \]

So, Margo will save $550 each month.

Now, to find out how much she will save over the course of a year, multiply the monthly savings by the number of months in a year (12): \[ \text{Total savings in a year} = 550 \times 12 = 6600 \]

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