12
QuizMultiple Choice

Personal Savings and Consumer Credit: Part One — Test

Question 12 • Advanced Financial Algebra

An employee who is saving for retirement wants the ratio of savings to gross income to be 15% Her employer contributes 5% of each employee's gross income to a retirement savings account. The employee is also saving $⁢95 per paycheck. Complete the equation that can determine the amount she has to make, x , for her savings rate to be 15%

Answer
A
0.05=95 + 0.15⁢xx
B
0.05=x95 + 0.15⁢x
C
0.15=x95 + 0.05⁢x
D
0.15=95 + 0.05⁢xx
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