Question

Joe earns $160 per week at a local market. He makes a payment of $12 per week for a new bike. He spends $75 each week on food an entertainment. Joe deposits the rest of his money in a savings account. Joe estimates that he deposits about 25% of the $160 into his savings account each week.
1. Is Joe correct?
2. How much of his weekly earnings would Joe need to deposit in order to save 40%?

Answer 1

Part ~ 1

Earns = $160

Spends = $12 on bike and $75 on food and entertainment
12 + 75 = 87 
160 - 87 = 73

Deposits $73 in his saving account
Joe is wrong because 73 is 45.625% of 160, not 25%