Explanation The budget of the Fred and Winnie to buy the car is $ 14000 in cash. Their budget includes the following per dollar: $ .40 food and lodging, $ .20 entertainment and $ .10 educational. Note that the earning of Fred and Winnie is $ 2000 and $ 2500 per month respectively. To calculate the total budget per dollar as shown below. $ 0 .40 + 0.20 + 0.10 = 0.70 Therefore, the total budget per dollar is $ .70 . Calculate the saving per dollar subtract total budget per dollar $ .70 from $ 1 .00 . $ 1 .00 − $ .70 = $ .30 Therefore, the saving per dollar is $ .30 . Since Fred earns $ 2000 per month, so the annual income is: $ 2 0 0 0 × 1 2 = 2 4 0 0 0 Therefore, the annual income of Fred is $ 2 4 0 0 0

Practical Business Math Procedures with Business Math Handbook

12th Edition

ISBN: 9781259725067

Author: Jeffrey Slater, Sharon M. Wittry

Publisher: McGraw-Hill Education

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Chapter 3, Problem 86ECP

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The budget of Fred and Winnie after 1 year to buy the car.

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Practical Business Math Procedures with Business Math Handbook

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