Problem 526 - Prealgebra

Question

Savings Lynn wants to go on a cruise that costs \(\$ 2,485 .\) she has \(\$ 948\) in her vacation savings account. How much more does she need to save in order to pay for the cruise?

Step-by-Step Solution

Answer

Lynn needs to save an additional \(\text{\textdollar}1,537\).

Step 1: Understand the Problem

Lynn wants to determine how much more she needs to save to afford a cruise that costs \(\text{\textdollar}2,485\). She already has \(\text{\textdollar}948\) in her vacation savings account.

Step 2: Identify the Given Information

The total cost of the cruise is \(\text{\textdollar}2,485\). The amount Lynn currently has saved is \(\text{\textdollar}948\).

Step 3: Subtract the Current Savings from the Total Cost

To find out how much more Lynn needs to save, subtract her current savings from the total cost of the cruise: \(2,485 - 948\).

Step 4: Perform the Calculation

Evaluate the expression \(2,485 - 948\):\[ 2,485 - 948 = 1,537 \]

Step 5: Conclusion

Lynn needs to save an additional \(\text{\textdollar}1,537\) to pay for the cruise.

Key Concepts

subtraction

Subtraction is a basic arithmetic operation that helps us find the difference between two numbers. In this exercise, we're using subtraction to find out how much more money Lynn needs to save. Here's how it works:
To determine the remaining amount, you subtract the current savings from the total cost. The formula looks like this: \( \text{{Total Cost}} - \text{{Current Savings}} \).
For Lynn's cruise, the subtraction would be \(2,485 - 948\ = 1,537\).
This tells us that Lynn needs to save \$1,537\ more.
Subtraction helps break down financial goals into manageable steps.

financial literacy

Financial literacy is the ability to understand and manage your finances. It includes the knowledge to make informed decisions about budgeting, saving, and investing. In this example, Lynn is practicing good financial habits by planning her savings for a vacation.
Here are key takeaways for developing financial literacy:

• Understand the costs involved in your goals.
• Identify how much you currently have saved.
• Calculate the difference to set a clear savings target.

Essentially, financial literacy ensures you can handle your money wisely and prepare for future expenses, just like Lynn is doing with her cruise.

problem-solving skills

Problem-solving skills are critical when dealing with financial planning. They help you tackle questions like how much more money you need to save. For Lynn, the steps to solve her savings problem included:

• Understanding the problem: She wants to go on a cruise but needs to know how much more to save.
• Identifying the given information: The total cost of the cruise and her current savings.
• Using subtraction to find the remaining amount.

This step-by-step approach breaks down a big problem into smaller, manageable parts. Building problem-solving skills can help you handle similar challenges in finances and other areas of life.