SOLUTION: i have been stuck on this problem for 4 days now and need some help solving it it is due in about 15 minutes so the sooner the better, thank you for your help it means alot to me!!

Question 51707: i have been stuck on this problem for 4 days now and need some help solving it it is due in about 15 minutes so the sooner the better, thank you for your help it means alot to me!!!! the problem reads like this:
solve this problem using any math knowledge you have. then show me how you could use a proportion to solve this problem
by installing a $120 thermostat that reduces the temperature setting at night a family hopes to cut its annual bill for heating oil by 8 percent and thereby recover the cost of the thermostat in fuel savings after 2 years what was the family's annual fuel bill before installing the thermostat?
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
120=X*.08*2 OR 120=.16X OR X=750 WAS THEIR ORIGINAL BILL
PROOF 8% OF 750=60 SO FOR 2 YEARS THE SAVINGS WERE 2*60=120
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