Question

Question 6: Stacy wants to follow recommendations and set aside 10% of her income to a savings account. How much money does she need to set aside each month?
*Use question 4 net monthly income.

(question 4 net monthly income is 2,475.72)

can you work this out step by step

Answer 1

Sure! To calculate how much money Stacy needs to set aside each month for her savings account, we will follow these steps:

1. **Identify the net monthly income**:
Stacy’s net monthly income is given as $2,475.72.

2. **Determine the percentage to be saved**:
Stacy wants to save 10% of her income.

3. **Convert the percentage into a decimal**:
To find 10% as a decimal, divide 10 by 100:
\[
10\% = \frac{10}{100} = 0.10
\]

4. **Calculate the amount to set aside**:
Multiply Stacy's net monthly income by the decimal equivalent of 10%:
\[
\text{Amount to save} = \text{Net monthly income} \times 0.10
\]
\[
\text{Amount to save} = 2,475.72 \times 0.10
\]
\[
\text{Amount to save} = 247.572
\]

5. **Round the amount** (if necessary):
If we round to the nearest cent, Stacy should set aside:
\[
\text{Amount to save} \approx 247.57
\]

So, Stacy needs to set aside **$247.57** each month for her savings account.