Last year, Billy saved $500 monthly. This year, he increased his monthly savings by 20%. How much more money will he be able to save this year compared to last year?
| |
Savings |
| Before |
100% |
| Change |
+ 20% |
| After |
120% |
100% → 500
1% → 500 ÷ 100 = 5
20% → 20 x 5 = 100
More monthly savings this year = $100
More savings this year compared to last year
= 12 x 100
= $1200
Answer(s): $1200
