Question

For this item, enter the answer in the space provided. A college student earns $ 15, 000 working part-time at a bookstore. The student pays 1/10 of the earnings in taxes, spends 2/5 of the earnings on living expenses, and saves the remainder of the earnings. How much money does the student save?

Answer 1

$7,500

Explanation:

First, find the amount he pays in taxes:

$15,000 x 0.1 = $1,500

Next, find the amount he pays in living expenses:

$15,000 x 0.4 = $6,000

Add the two amounts together:

$1,500 + $6,000 = $7,500

Subtract the combined amount from the original amount to find how much the student saved:

$15,000 - $7,500 = $7,500

Therefore, the college student saves $7,500.

Answer 2

Answer: 10,500

Explanation:

How to calculate tax and earning

Given the following paramiters

Total amount earned by the student = $15000

Assume we have the following parameters

Earning paid off in taxes = $1500

Amount spent on living expenses = $3000

Amount she will have left = 15000 - (1500 + 3000)

Amount she will have left = 15,000 - 4500

Amount she will have left = 10,500

Hence the amount she will have left is $10,500