If a person saves 15% of his monthly salary and his monthly salary is $2000, how

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Question: If a person saves 15% of his monthly salary and his monthly salary is $2000, how much does he save in a year? (2000)

Options:

Correct Answer: $3600

Exam Year: 2000

Solution:

Monthly savings = 15% of 2000 = 0.15 * 2000 = 300. Annual savings = 300 * 12 = 3600.

If a person saves 15% of his monthly salary and his monthly salary is $2000, how much does he save in a year? (2000)

If a person saves 15% of his monthly salary and his monthly salary is $2000, how much does he save in a year? (2000)

Step 1: Identify the monthly salary, which is $2000.
Step 2: Calculate 15% of the monthly salary. To do this, multiply 2000 by 0.15.
Step 3: Perform the multiplication: 0.15 * 2000 = 300. This is the amount saved each month.
Step 4: Determine how many months are in a year, which is 12.
Step 5: Multiply the monthly savings by the number of months in a year: 300 * 12.
Step 6: Perform the multiplication: 300 * 12 = 3600. This is the total amount saved in a year.

Percentage Calculation – Understanding how to calculate a percentage of a given amount.
Annual Savings Calculation – Converting monthly savings into annual savings by multiplying by 12.