Tom and Jerry both earn the same monthly salary.
Each month:
Tom saves 35% of his salary.
Jerry spends $\frac{3}{5}$ of his salary and saves the rest of his salary.
Work out who saves the most money each month.
You must show your working.
Answer (2)
Tom saves 35% of his salary, while Jerry saves 40% of his salary. Jerry saves more money each month than Tom. Therefore, Jerry is the one who saves the most money.
;
Tom saves 35% of his salary: T o m s a v es = 0.35 × S .
Jerry saves 1 − 5 3 = 5 2 = 0.4 of his salary: J err y s a v es = 0.4 × S .
Comparing the savings, 0.35"> 0.4 > 0.35 .
Jerry saves the most money each month: Jerry .
Explanation
Problem Analysis Let's analyze the problem. Tom and Jerry earn the same monthly salary. Tom saves 35% of his salary, while Jerry spends 5 3 of his salary and saves the rest. We need to determine who saves the most money each month. Let's denote their monthly salary by S .
Tom's Savings First, let's calculate how much Tom saves each month. Tom saves 35% of his salary, which can be written as 0.35 times his salary S . So, the amount Tom saves is: T o m s a v es = 0.35 × S
Jerry's Savings Fraction Next, let's calculate how much Jerry saves each month. Jerry spends 5 3 of his salary, so he saves the remaining part. The fraction of his salary that Jerry saves is: J err y s a v e s f r a c t i o n = 1 − 5 3 = 5 5 − 5 3 = 5 2 Now, let's convert this fraction to a decimal: 5 2 = 0.4
Jerry's Savings Amount Now we can calculate the amount Jerry saves each month. Jerry saves 0.4 of his salary S . So, the amount Jerry saves is: J err y s a v es = 0.4 × S
Comparison Now, let's compare the amounts Tom and Jerry save. Tom saves 0.35 × S and Jerry saves 0.4 × S . Since S is the same for both, we just need to compare the coefficients 0.35 and 0.4. Since 0.35"> 0.4 > 0.35 , Jerry saves more than Tom.
Conclusion Therefore, Jerry saves the most money each month.
Examples
Understanding percentages and fractions is crucial in managing personal finances. For instance, when budgeting, knowing how much of your income goes to different expenses (like rent, food, and savings) helps you make informed decisions. If you earn $2000 a month and allocate 30% to rent, 20% to food, and 10% to savings, you can calculate the exact amounts for each category: Rent = 0.30 × 2000 = $600 , Food = 0.20 × 2000 = $400 , Savings = 0.10 × 2000 = $200 . This detailed breakdown allows you to track your spending and adjust your budget as needed.
