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Pat earns $1,000 per week and spends $850 per week on living expenses, puts $50 in a savings account, and buys $100 worth of shares in a stock mutual fund. Pat's saving is _____, and Pat’s saving rate is _____.
1) $50; 5.9 percent
2) $100; 10 percent
3) $150; 15 percent
4) $50; 5.0 percent

Respuesta :

Answer:

option ( 3 ) $150; 15 percent

Explanation:

Data provided in the question:

Earnings per week = $1,000

Amount spent per week = $850

Amount put in savings account = $50

Worth of mutual stock mutual funds = $100

Now,

Total savings per week

= Amount put in savings account + Worth of mutual stock mutual funds

= $50 + $100

= $150

Thus,

Saving rate = [ (Total amount saved) ÷ (Total earnings)] × 100%

or

Saving rate = [ $150 ÷ $1,000 ] × 100%

= 15%

Hence,

The answer is option ( 3 ) $150; 15 percent

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