A man earns N150,000 per month and his wife earns N125,000 per month. If they both decide to save 10% of their salaries into a couple's account with a bank how much will they have after 10 months of savings?
A. N150,000 B. N330,000 C. N275,000 D. N125,000
Correct Answer: C
Explanation
To find out how much they will have saved after 10 months, we can follow these steps:
1. Calculate the amount saved per month for each person:
- The man earns \( N150,000 \) per month, and saves 10%: \[ \text{Savings per month} = 0.10 \times 150,000 = N15,000 \]
- The wife earns \( N125,000 \) per month, and saves 10%: \[ \text{Savings per month} = 0.10 \times 125,000 = N12,500 \]
2. Calculate the total amount saved per month by both: