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Last year Carlos saved 10 percent of his annual earnings. This year he earned 5 percent more than last year and he saved 12 percent of his annual earnings. The amount saved this year was what percent of the amount saved last year?

(A) 122% (B) 124% (C) 126% (D) 128% (E) 130%

Problem Solving Question: 100 Category:Arithmetic Percents Page: 74 Difficulty: 550

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Re: Last year Carlos saved 10 percent of his annual earnings. Th
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17 Feb 2014, 02:47

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SOLUTION

Last year Carlos saved 10 percent of his annual earnings. This year he earned 5 percent more than last year and he saved 12 percent of his annual earnings. The amount saved this year was what percent of the amount saved last year?

Re: Last year Carlos saved 10 percent of his annual earnings. Th
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17 Feb 2014, 04:42

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I got (C).

Assuming last year's annual earnings = 100. Then amount saved last year = 10. Since Carlos earned 5% more this year than last year, then he earned 105 this year.

12% of 105 = 12.60. This year's savings as % of last year's savings:

\(\frac{12.60}{10}\) = 12.6, multiplied by 100 to arrive at %, resulting in 126%.