Mary decided to save a certain amount of her monthly salary each month and her salary was unchanged ...
Mary decided to save a certain amount of her monthly salary each month and her salary was unchanged from month to month. If Mary's savings by the end of the year from these monthly savings were SEVEN times the amount she spent per month, what should be the fraction of her salary that she spent each month?
Answer/Solution
12/19
Steps/Work
Saving = S, Expenditure = E, Income = I
At the end of 12months; 12S=7E=7(I-S)
=> 19S = 7I => Savings = 7/19 I
Hence Expenditure = 1-(7/19) = 12/19
Answer (E)
At the end of 12months; 12S=7E=7(I-S)
=> 19S = 7I => Savings = 7/19 I
Hence Expenditure = 1-(7/19) = 12/19
Answer (E)