Savings-5%
Others-25%
Food- 10%
Housing- 25%
All taxes- 35%
The pie chart above shows the Carson family's expenses for 1994. The Carsons had an income of $40,000 in 1994. In 1995 the Carsons income was $10,000 greater than in 1994. The family spent the same dollar amounts in three categories of housing, food, and other in 1995 as they did in 1994. If their taxes increased to 40% of their 1995 income, how many dollars went into savings in 1995?
taxes: 40% of 50000 = 20000
So, they had 30000 left to spend
In 1994 they spent of their $40000
Others-10000
Food- 4000
Housing- 10000
Total: 24000
That leaves 6000 for savings
To find out how many dollars went into savings in 1995, we need to calculate the total income for that year and subtract the amounts spent on taxes, housing, food, and other expenses.
We know that the Carsons had an income of $40,000 in 1994 and that their income in 1995 was $10,000 greater. Therefore, their income in 1995 is:
$40,000 + $10,000 = $50,000
Next, we need to calculate the amount spent on taxes in 1995. The taxes increased to 40% of the 1995 income, which means:
$50,000 * 40% = $20,000
Now, we know that the Carsons spent the same amount on housing, food, and other expenses in 1995 as they did in 1994. Therefore, the total amount spent on these three categories in 1995 is the same as in 1994, which is:
25% (housing) + 10% (food) + 25% (other) = 60%
$50,000 * 60% = $30,000
To find out how much the Carsons put into savings in 1995, we subtract the amounts spent on taxes, housing, food, and other expenses from their total income:
$50,000 - $20,000 - $30,000 = $ <<50000-20000-30000=10000>>10,000
Therefore, the Carsons put $10,000 into savings in 1995.