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A headmaster contributes \(7 \%\) of his income into a fund and his wife contributes ...
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Economics
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A headmaster contributes \(7 \%\) of his income into a fund and his wife contributes \(4 \%\) of her income. If the husband earns N5,500 per annum and the wife earns \(\ 4,000\) per annum, find the sum of their annual contribution to the fund.
A.
N1,045
B.
M605
C.
N545
D.
N490
Show Answer
Show Explanation
Correct Answer: B
Explanation
\(\begin{aligned} \text { Husband's contribution } &=\frac{7}{100} \times \underset{4}{10,500} \\ &=\pm 385 \end{aligned}\)
\(=\mathrm{A} 160\)
Total contribution \(=\mathbb{N} 385+N 160\) \(=\mathrm{A} 545\)
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