destiny is going to start a planned savings to save up for a new car. she can afford to save 5% of her gross…

destiny is going to start a planned savings to save up for a new car. she can afford to save 5% of her gross income for this purpose. if she makes $4,400 per month, how much will she have contributed in 1 year (assume no interest)? $2,200 $2,640 $4,400 $220

destiny is going to start a planned savings to save up for a new car. she can afford to save 5% of her gross income for this purpose. if she makes $4,400 per month, how much will she have contributed in 1 year (assume no interest)? $2,200 $2,640 $4,400 $220

Answer

Explanation:

Step1: Calculate monthly savings

First, find 5% of $4400. 5% can be written as 0.05. So the monthly - savings is $4400\times0.05$. $4400\times0.05 = 220$

Step2: Calculate annual savings

Since there are 12 months in a year, multiply the monthly savings by 12. $220\times12=2640$

Answer:

$2640$