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Alices take-home pay last year was the same each month, and

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Senior Manager
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Alices take-home pay last year was the same each month, and [#permalink] New post 17 Jun 2006, 12:40
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Alice’s take-home pay last year was the same each month, and she saved the same fraction of her take-home pay each month. The total amount of money that 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 that money that she saved last year was from her take-home pay, what fraction of her take-home pay did she save each month?

1/2
1/3
1/4
1/5
1/6
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 [#permalink] New post 17 Jun 2006, 13:32
If E is the monthly earning and S is the monthly saving
12*S = 3(E-S)
4*S = E-S
S/E = 1/5
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 [#permalink] New post 17 Jun 2006, 13:40
chiragr wrote:
yep 1/5 but could you explain!


x = monthly income
y = percent saved per month

(y/100)(x)*12 = 3*(1-y)/100*x

12 = months in a year
3 = 3 times saved
1-y = amount she spent every month

4xy/100 = (x-xy)/100

4xy = x-xy
5xy = x
y = 1/5
  [#permalink] 17 Jun 2006, 13:40
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Alices take-home pay last year was the same each month, and

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