Question

Jaclyn has $160 saved and earns $40 each month in allowance. Pedro has $980 saved and writes a check for $20 a month to pay his cable bill and he writes a check for $42.50 each month to pay his phone bill. If they both save their entire allowances, how long will it take before Jaclyn and Pedro have saved the same amount of money?

Answer 1

To find out how long it will take before Jaclyn and Pedro have saved the same amount of money, we need to calculate the monthly savings for both of them.

Jaclyn earns $40 each month in allowance and saves the entire amount, so her monthly savings is $40.

Pedro's monthly savings can be calculated by subtracting his monthly expenses from his monthly allowance. Pedro writes a check for $20 for his cable bill and $42.50 for his phone bill each month. Therefore, his monthly expenses are $20 + $42.50 = $62.50.

Pedro earns $40 each month in allowance, so his monthly savings is $40 - $62.50 = -$22.50 (negative amount).

Since Pedro's monthly savings is negative, it means he is spending more than his allowance, and he won't be able to catch up with Jaclyn's savings. Therefore, they will never save the same amount of money.

In conclusion, Jaclyn and Pedro will not save the same amount of money, as Pedro's expenses exceed his assistance.