Question

While saving for a rainy day, you decide to put aside 10 percent of your take-home pay into a savings account (that pays NO interest) at a local credit union (bank). You are currently paying 22 percent in taxes. If you make $3,785.90 each month before taxes, how long (in months) will it take you to get your goal of $2,500 in your account.

Money set aside each month:

Time to save:

Answer 1

3,785.90×0.22
=832.898

3,785.90−832.898
=2,953.002

2,953.002×0.10
=295.3002 Money set aside each month

2,500÷295.3002
=8 months