In 90 days, Jerome saved $31.50. What was his average daily savings?
$1.05
$3.70
$0.15
$0.04
$0.35
The correct answer and explanation is:
To find Jerome’s average daily savings, divide the total savings by the number of days. In this case, he saved $31.50 over 90 days.
The formula for average daily savings is: Average Daily Savings=Total SavingsNumber of Days\text{Average Daily Savings} = \frac{\text{Total Savings}}{\text{Number of Days}}
Substitute the given values into the formula: Average Daily Savings=31.5090\text{Average Daily Savings} = \frac{31.50}{90}
Now perform the division: Average Daily Savings=0.35\text{Average Daily Savings} = 0.35
So, Jerome saved an average of $0.35 per day.
To break it down further, you can think of this as dividing the total savings ($31.50) by each day. If he saved the same amount every day, he would have saved $0.35 daily. This method ensures that the total savings are spread equally over the 90 days, making the average a fair reflection of his daily habits.
This result is important because it gives an understanding of Jerome’s saving pattern over a period. It also helps to plan for future savings or assess whether the savings rate is consistent with financial goals. The other options, like $1.05 or $3.70, would imply that Jerome saved significantly more on average, which is not the case here.
Thus, the correct answer is $0.35.