Question

the property in Norman has rented for 21 months was broken into in the cost to replace the stolen items was, $1,354.00. what percent would Mormon have saved if he had a renter's insurance policy at a monthly cost of $21.00? round to the nearest tenth. 32.6%51.5% 67.4%88.5%

Answer 1

ANSWER:

67.4%

STEP-BY-STEP EXPLANATION:

To know how much could be saved, we must calculate the amount that would have been spent in the 21 months paying the $ 21, like this:

$21\cdot21=441$

We calculate what this value represents with the expense value, like this:

$\frac{441}{1354}=0.326$

The value saved would be 1 minus the value that represents the payment of the policy for 21 months:

$1-0.326=0.674\rightarrow67.4\text{\%}$

The savings percentage is 67.4%