I am having a hard time figuring this out. Can someone assist me in the right direction? Here is the problem:
5. When managing a business, it is important to take inventory of where your money is spent. You have a monthly budget of $5,000. Refer to the table below and answer the questions that follow. Round your answers to the nearest tenth of a percent.
Category Cost Percentage
Labor $1,835
Materials 18%
Rent and utilities 25%
Miscellaneous $1,015
Total $5,000 100%
I know how to figure the amounts when the percentage is given. For materials, you multiply 5000 by 0.18. But what do you do to find the percentage when the amount is given?
Thanks.