Question

jim lawler spends 24% of his income on housing, 13% on food, 9% on clothing, 20% on transportation, 5% on education, 5% on recreation, 7% on miscellaneous, and saves the balance. if his savings amount to $210 per month, what are his monthly earnings?
jim has monthly earnings of $\square$.
(round to the nearest cent as needed.)

Explanation:

Step1: Calculate total percentage spent

First, sum up all the percentage expenses: \(24 + 13 + 9 + 20 + 5 + 5 + 7\)
\(24+13 = 37\); \(37+9 = 46\); \(46+20 = 66\); \(66+5 = 71\); \(71+5 = 76\); \(76+7 = 83\)
So total percentage spent is \(83\%\). Then the percentage saved is \(100 - 83 = 17\%\)

Step2: Let monthly earnings be \(x\)

We know that \(17\%\) of \(x\) is \(\$210\). So the equation is \(0.17x = 210\)

Step3: Solve for \(x\)

\(x=\frac{210}{0.17}\)
Calculate \(\frac{210}{0.17}\approx1235.29\)

Answer:

\(1235.29\)