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Alice's take-home pay was the same each month, and she saved [#permalink]
 06 Sep 2005, 21:01
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Alice's take-home pay was the same each month, and she saved the same fraction of her take-home pay each month. The total amount of money she had saved at the end of the year was 3 times the amount of that portion of her monthly take-home pay that she did not save. If all the money that she saved last year was from her take-home pay, what fraction of her take-home pay did she save each month?
(1) 1/2
(2) 1/3
(3) 1/4
(4) 1/5
(5) 1/6
This seems fairly simple by plugging in numbers, but can anyone suggest a way to solve it algebraically? I can't seem to set up the equations.
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Alice's take-home pay was the same each month, and she saved the same fraction of her take-home pay each month. The total amount of money she had saved at the end of the year was 3 times the amount of that portion of her monthly take-home pay that she did not save. If all the money that she saved last year was from her take-home pay, what fraction of her take-home pay did she save each month?
solution:
Suppose the portion of her salary that she saved is X
and the remaining portion is Y
X+Y= total take home salary
given, 12X = 3Y
or 4X = Y
Total take-home salary= X+ 4X= 5X
hence, she saved 1/5-th portion of her take home salary
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