Question

Derek saves 10% of each paycheck each week to buy a mountain bike. The mountain bike costs $380. He receives paychecks in the amount of $187.50 each week. How many paychecks will Derek have to receive before he has enough money to buy the mountain bike?

Answer 1

21

Explanation:

mountain bike = $380

weekly paycheck = $187.50

10% of weekly paycheck = $18.75

Number of times he needs to save to buy the bike at his current saving rate = $(380/18.75) = 20.27 times, which is apparently 21 times.

Therefore, Derek needs 21 paychecks to buy the bike