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

$540.00
$540.00

$640.00
$640.00

$600.00
$600.00

$585.00

Answer 1

To determine how much Jackson will have saved after 6 weeks, we first need to know how much he makes each week.

Let’s denote Jackson's weekly income as $x$. Since he saves 65% of his income each week, the amount he saves each week can be expressed as:

$$\text{Savings per week}=0.65x$$

Over 6 weeks, the total amount saved would be:

$$\text{Total savings}=6\times \text{Savings per week}=6\times 0.65x=3.9x$$

Since we don't have a specific weekly income, we can't determine an exact amount without knowing $x$. However, to match the answer choices provided, it's likely that $x$ is a specific value.

Assuming the answers provided correspond to a specific weekly income, let’s set $3.9x$ equal to each of the answer choices to find the potential weekly income.

1. If $3.9x=540$, then $x=\frac{540}{3.9}\approx 138.46$.
2. If $3.9x=640$, then $x=\frac{640}{3.9}\approx 164.10$.
3. If $3.9x=600$, then $x=\frac{600}{3.9}\approx 153.85$.
4. If $3.9x=585$, then $x=\frac{585}{3.9}\approx 150.00$.

Since Jackson will save a total of $x$ depending on his income, the answers of $540.00, $600.00, and $640.00 all correspond to reasonable weekly incomes.

However, without specific weekly income, the best answer from the options would be the one with the lowest savings since it reflects partial, reasonable accumulation over the 6 weeks.

Thus, the answer could be $540.00, but it is crucial to note that the exact answer depends on Jackson's actual weekly income.

However, if we follow through with our assessments on common earnings in different contexts, it's practical to say that assuming an income and generalizing:

Let's use $138.46forcaseconsideration$ which yields ( 540.

Final Answer: $540.00.