Question

2. The Schaeffer family wants to increase their savings ratio next year. Their

current savings ratio is 10%. If the family makes a combined income of
$80,000, and they want their savings ratio to be 15% next year, how much
are they planning to save (in dollars)?

A. $14,000
B. $12,000
C. $10,000
D. $8,000
E. $16,000

Answer 1

To find the amount of money the Schaeffer family wants to save next year, we need to calculate 15% of their combined income of $80,000:

15% * $80,000 = $12,000

Therefore, the answer is $12,000, and the correct option is B.