Question

Heather is saving for retirement and has been doing a lot of research on how much she should put aside each month. The newest article says that 1/36 of her salary should be put into a retirement account. If she makes $63,000 a year, how much will she put into her retirement account each month (rounded to the nearest dollar)?

A) $1,750
B) $210
C) $145
D) $5,250

Answer 1

C) $145

Explanation:

If Heather puts in 1.36% of her salary into a retirement account and she makes $63,000 in a year, this can be solved by 1.36% x 63000.

Convert 1.36% into a decimal. This id done, divide by 100.

1.36/100=0.0136

1.36% x 63000

=0.0136 x 63000

=856.8

Heather would put $856.8 in for the whole year. To find how much per month, divide by 12.

856.8/12=71.4

Rounded to the nearest dollar is $71.

Heather would put $71 into a retirement account each month.

Answer 2

$63 000 ÷ 12
$5 250 ÷ 36
$145.83 should be put aside for retirement each month