SOLUTION: My daughter got this question wrong and asked me to see why. When I tried to work the problem out myself, my answer of $719.90 was not listed as correct either. I tried 2/3 + 1/8 =

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: My daughter got this question wrong and asked me to see why. When I tried to work the problem out myself, my answer of $719.90 was not listed as correct either. I tried 2/3 + 1/8 =      Log On


   

Question 989097: My daughter got this question wrong and asked me to see why. When I tried to work the problem out myself, my answer of $719.90 was not listed as correct either. I tried 2/3 + 1/8 = 19/24, convert to .792 then .792 * 3461.04 = 2741.14 and subtract from $3461.04. The correct answer was listed as $721.05. I guess my question is what is the correct way to write out this problem and solve (rounded to the nearest cent per directions).
Patti's monthly pay is $3461.04. Each month she uses 2/3 of her pay for her household expenses and 1/8 for entertainment. She deposits the rest into her savings account. How much does Patti deposit into her savings account each month?
Any help would be greatly appreciated.
Sol'n
3461.04*(1-(2/3)-(1/8))
$721.05
Found 2 solutions by zhagi17, MathTherapy:
Answer by zhagi17(16) About Me  (Show Source):
Answer by MathTherapy(10556) About Me  (Show Source):
You can put this solution on YOUR website!

My daughter got this question wrong and asked me to see why. When I tried to work the problem out myself, my answer of $719.90 was not listed as correct either. I tried 2/3 + 1/8 = 19/24, convert to .792 then .792 * 3461.04 = 2741.14 and subtract from $3461.04. The correct answer was listed as $721.05. I guess my question is what is the correct way to write out this problem and solve (rounded to the nearest cent per directions).
Patti's monthly pay is $3461.04. Each month she uses 2/3 of her pay for her household expenses and 1/8 for entertainment. She deposits the rest into her savings account. How much does Patti deposit into her savings account each month?
Any help would be greatly appreciated.
Sol'n
3461.04*(1-(2/3)-(1/8))
$721.05
Since she uses 2%2F3 for household expenses and 1%2F8 for entertainment, she uses a total of 2%2F3+%2B+1%2F8, or 16%2F24+%2B+3%2F24, or 19%2F24.

Thus she has 1+-+19%2F24, or 5%2F24 left, so she deposits 5%2F24 of $3,461.04, or 5%28%22%24%22144.21%29, or highlight_green%28%22%24%22721.05%29 in her savings account. 

It's best sometimes to work these problems step-by-step, so there's less of a chance to make an error. 

Your mistake was converting the fraction of what she spent (19%2F24) to a decimal, which you ROUNDED OFF. 

As you see your answer was off, so you can't do this.