Last year, Tim saved $2000 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% → 2000
1% → 2000 ÷ 100 = 20
20% → 20 x 20 = 400
More monthly savings this year = $400
More savings this year compared to last year
= 12 x 400
= $4800
Answer(s): $4800