Oilers/Plant Tenders (HHC) Civil Service Practice Exam

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If an oiler receives a salary of $450 a month and saves 12% of this every month, how much will his total savings amount to in one year?

$648
$576
$540
$696

The correct answer is: $648

To determine the total savings of an oiler over one year, it's essential to first calculate how much the oiler saves each month. With a monthly salary of $450, saving 12% of this amount involves performing the following calculation: Calculate the savings per month: Monthly savings = Monthly salary × Savings rate Monthly savings = $450 × 0.12 = $54 Now, to find the total savings for one entire year, multiply the monthly savings by the number of months in a year: Total savings for one year = Monthly savings × 12 months Total savings for one year = $54 × 12 = $648 Therefore, the total savings of the oiler at the end of one year amounts to $648. This figure represents the cumulative savings accrued from consistently setting aside a portion of the earned salary each month.