Paula budgets 23% of her annual income for housing. If she budgets
$410 per month for housing, what is her annual income?
a. $9,430
b. $21,500.30
c. $21,391.30
d. $17,826.08
We can start by setting up a proportion:
23% of annual income = $410 per month
To solve for annual income, we need to first find out what 100% of the annual income is, and then multiply by the proportion that represents the 23% budgeted for housing.
First, we can divide $410 by 23%:
$410 ÷ 0.23 = $1782.61 (this represents 1/12 of the annual income)
Next, we can multiply by 12 to find the annual income:
$1782.61 x 12 = $21,391.32
So, the answer is c. $21,391.32.
To find Paula's annual income, we can start by calculating the total amount she budgets for housing in a year.
Since she budgets $410 per month for housing, we can multiply this amount by 12 (number of months in a year) to find the annual housing budget.
$410 × 12 = $4,920
Next, we can set up a proportion to determine Paula's annual income based on the percentage she budgets for housing.
Let x be Paula's annual income.
23/100 = $4,920/x
To solve this proportion, we can cross-multiply:
23x = 100 × $4,920
23x = $119,040
Finally, we divide both sides of the equation by 23 to solve for x (Paula's annual income):
x = $119,040 / 23
x ≈ $5,173.913
Therefore, Paula's annual income is approximately $5,173.913.
None of the given options match this result.