Jordan earns a fixed monthly salary. Last month, he saved 15% of it. This month, he saves 25% more than what he saved last month.a. What percentage of his salary does he save this month?Answer: %b. His total savings for the two months is $7256.25. How much is his monthly salary?
Question
Jordan earns a fixed monthly salary. Last month, he saved 15% of it. This month, he saves 25% more than what he saved last month.a. What percentage of his salary does he save this month?Answer: %b. His total savings for the two months is $7256.25. How much is his monthly salary?
Solution
a. If Jordan saved 15% of his salary last month and this month he saves 25% more than what he saved last month, we first need to find out what 25% of 15% is.
25% of 15% is 0.25 * 15 = 3.75%
So, this month, Jordan saves 15% + 3.75% = 18.75% of his salary.
b. If his total savings for the two months is $7256.25 and we know that this amount is the sum of 15% of his salary (from the first month) and 18.75% of his salary (from the second month), we can set up the following equation:
0.15x + 0.1875x = 7256.25
Where x is Jordan's monthly salary.
Combining like terms gives us:
0.3375x = 7256.25
To solve for x, we divide both sides of the equation by 0.3375:
x = 7256.25 / 0.3375 = $21,500
So, Jordan's monthly salary is $21,500.
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