Bryna contributes 7% of her salary to a payroll savings plan. if her
annual salary is $17,500, how much is withheld each month for savings?
a. $208.33
b. $102.08
c. $1,125
d. $99.17
To find out how much is withheld each month for savings, we need to calculate 7% of Bryna's annual salary:
7% of $17,500 = 0.07 x $17,500 = $1,225
Since there are 12 months in a year, we can divide the annual savings amount by 12 to get the monthly savings amount:
$1,225 ÷ 12 = $102.08
Therefore, the answer is (b) $102.08.