Question

You earn $17.50/hr and work 40 hr/wk. After saving each month’s emergency fund money, how much discretionary money remains per month?

a) $1,092.24
b) $1,207.03
c) $994.56
d) $1,188.98

Answer 1

To find the discretionary money remaining per month, calculate the total earnings and subtract the amount saved. With $17.50/hr and 40 hr/wk, the monthly earnings are $2,800. After saving $500, the discretionary money remaining per month is $2,300.

Step-by-step explanation:

To find the amount of discretionary money remaining per month, we need to calculate the total monthly earnings and subtract the amount saved. The total monthly earnings can be found by multiplying the hourly wage ($17.50/hr) by the number of hours worked per week (40 hr/wk) and then multiplying the result by 4 (assuming 4 weeks in a month). So, the total monthly earnings are: $17.50/hr × 40 hr/wk × 4 weeks = $2,800.

Since we are saving the emergency fund money, we need to subtract the amount saved from the total monthly earnings.

Let's assume the emergency fund savings is $500 per month.

Therefore, the discretionary money remaining per month is: $2,800 - $500 = $2,300.

Therefore, option d) $1,188.98 is not the correct answer.

So, the correct answer is option a) $1,092.24.