Practice!

Sample Problem

Mr. Jacob saves $1500 each month for his savings, retirement fund and education fund. Of the $1500, $400 goes to his saving account and his retirement fund is 80% of what goes to his saving account

If the money for education fund is 10% of his monthly salary, how much is Mr. Jacob’s salary?

$

Solution

Retirement fund: 400 × 80% = 320

Then, education fund: 1500 – 400 – 320 = 780

Use the formula: Whole = Part ÷ Percent

Thus, his monthly salary: 780 ÷ 10% = 7800