Last year, Luke saved $500 monthly. This year, he increased his monthly savings by 10%. How much more money will he be able to save this year compared to last year?
|
Savings |
Before |
100% |
Change |
+ 10% |
After |
110% |
100% → 500
1% → 500 ÷ 100 = 5
10% → 10 x 5 = 50
More monthly savings this year = $50
More savings this year compared to last year
= 12 x 50
= $600
Answer(s): $600