Question

Marissa earns $1,000 after taxes twice a month. Marissa's monthly bills are $1,200. Marissa deposits 40% of her remaining monthly income into a savings account and annually saves:

Answer 1

She saves $3,840 annually into savings account

1. Marissa earns $1,000 after taxes twice a month

This means Marissa earns $2,000 ($1000 x 2) after deduction of taxes

2. Marissa's monthly bills are $1,200.

The monthly bills means expenses that Marissa incurred during the month.

3. Marissa deposits 40% of her remaining monthly income into a savings account

The balance of Marissa earnings per month after deduction of his expenses (bills) is $800 ($2,000 - $1,200).

She deposits 40% of $800 into a savings account.

= 40% x $800

= $320

So, she is saving $320 out of the remaining $800 she has per month.

4. Marissa annually save?

She saves $3,840 annually ($320 x 12 months) into savings account.

However, she has a disposable income of $480 per month, equivalent to $5,760 per annum.

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