Section 3: Personal Finance

Question

2.) Jackson really wants a PS5, but he has to pay for it with his own money. He decides to put 65% of what he makes each week into his savings account. If he does that for 6 weeks, how much money will he have saved?

(1 point)
Responses

$600.00
$600.00

$640.00
$640.00

$585.00
$585.00

$540.00
$540.00

Answer 1

To determine how much Jackson will have saved after 6 weeks, we need to know his weekly earnings. Since that information is not provided, we can't calculate the exact amount saved.

However, we can express the savings mathematically:

Let \( x \) be Jackson's weekly earnings.

He saves 65% of his earnings, which means each week he saves:

\[ 0.65x \]

Over 6 weeks, the total amount saved would be:

\[ 6 \times 0.65x = 3.9x \]

Now we can check the options given to see if any of them can fit this expression under the condition of different values for \( x \).

• If he saves $600 in total: \[ 3.9x = 600 \Longrightarrow x \approx 153.85 \] (this scenario can work)

• If he saves $640 in total: \[ 3.9x = 640 \Longrightarrow x \approx 164.10 \] (this scenario can work)

• If he saves $585 in total: \[ 3.9x = 585 \Longrightarrow x \approx 150 \] (this scenario can work)

• If he saves $540 in total: \[ 3.9x = 540 \Longrightarrow x \approx 138.46 \] (this scenario can work)

Since all values can technically work for different weekly earnings, we cannot determine a specific answer without knowing Jackson's weekly earnings. Thus, if the problem assumes a specific earning that leads to one of those values, it would be crucial to have that information.

If this question was designed for a specific answer, it could be possible that Jackson has a target figure that we assess instead. Assuming that he had $600 in total after 6 weeks, we'd conclude that he made approximately $153.85 weekly. Thus, without knowing Jackson's exact weekly earnings, an answer can't be definitively chosen.

Answer 2

150.00

Answer 3

If Jackson's weekly earnings are $150.00, we can calculate his savings over 6 weeks based on his decision to save 65% of his income.

1. Calculate his weekly savings: \[ \text{Weekly Savings} = 0.65 \times 150 = 97.50 \]

2. Calculate total savings over 6 weeks: \[ \text{Total Savings} = 6 \times 97.50 = 585.00 \]

So, after 6 weeks, Jackson would have saved $585.00. Therefore, the correct answer is:

$585.00