Marcus wants to increase the amount he is setting aside for savings from

Question

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.