Question

5. Using the 50-30-20 rule find all three percents for aperson who has a take home pay of $587 per week.(Assume a 4 week month)(Round answers to two decimal places always.)50% =30% =20% =

Answer 1

The person gets paid $587 every week, you have to determine the 50%, 30% and 20% of the budget for an entire month (4weeks)

So the first step is to calculate the monthly budget by multipliying what this person makes per week by 4:

`587\cdot4=2348`

Next is to calculate the percentages

To calculate the 50% of $2348 you have to multiply it by 50 and divide it by 100

`(2348\cdot50)/(100)=1174`

To calculate the 30% of $2348 you have to multiply it by 30 and divide it by 100

`(2348\cdot30)/(100)=704.40`

And finally calculate the 20% by multiplying it by 20 and divide by 100

`(2348\cdot20)/(100)=469.6`

So the monthly budget for a person that gets paid 587 weekly are:

50%= $1174

30%= $704.40

20%= $469.60