Question

Linda earns $24 an hour and works 40 hours a week. In a year, she works 50 weeks. Linda wants to put 14% of her yearly pay in savings. How many dollars does she need to save each month?

Answer 1

To determine how much Linda needs to save each month, we first calculate her yearly pay, then find 14% of her yearly pay, and finally divide that amount by 12 to find the monthly savings amount.

Step-by-step explanation:

To calculate how much Linda needs to save each month, we need to first find her yearly pay. Linda earns $24 an hour and works 40 hours a week, so her weekly pay is $24 * 40 = $960. Since Linda works 50 weeks a year, her yearly pay is $960 * 50 = $48,000.

Next, we need to find out how much 14% of Linda's yearly pay is. 14% of $48,000 can be calculated by multiplying $48,000 by 0.14: $48,000 * 0.14 = $6,720.

Lastly, to determine how much Linda needs to save each month, we divide her yearly savings by 12 (the number of months in a year): $6,720 / 12 = $560.

Therefore, Linda needs to save $560 each month.