Margo is trying to be financially responsible. She is going to save 22% of her paycheck every month. Her paycheck is $2500 each month. How much money will she have saved after a year of saving?

Question

Margo is trying to be financially responsible. She is going to save 22% of her paycheck every month. Her paycheck is $2500 each month. How much money will she have saved after a year of saving?

Answer 1

First, we need to calculate how much money Margo will save each month. 22% of $2500 is:

$2500 * 0.22 = $550

So, Margo will save $550 each month. After a year (which is 12 months), she will have saved:

$550 * 12 = $6600

Therefore, Margo will have saved $6600 after a year of saving.