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
$1,363

$6,600
$6,600

$9,500
$9,500

$11,364
$11,364
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Answer 1

To determine how much Margo saves each month, we can calculate 22% of her $2500 paycheck.

Step 1: Calculate 22% of $2500.

To find 22%, we convert the percentage to a decimal: \[ 22% = \frac{22}{100} = 0.22 \]

Now, multiply this by her monthly paycheck: \[ \text{Savings per month} = 0.22 \times 2500 \]

Calculating that: \[ \text{Savings per month} = 0.22 \times 2500 = 550 \]

Step 2: Calculate annual savings.

If Margo saves $550 each month, then to find her savings for a year, multiply her monthly savings by 12: \[ \text{Annual Savings} = 550 \times 12 = 6600 \]

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

The correct answer is \( \text{$6,600} \).