Let's break down the given problem into clear and systematic steps to find the required savings at the end of the year for an annual salary of [tex]$60,000.
### Step-by-Step Solution:
1. Extract Information:
- You have an annual salary of $[/tex]60,000.
- The savings percentage is 5%.
2. Convert Percentage into Decimal:
- To work with percentages in calculations, it is useful to convert them into decimal form. For savings, the percentage given is 5%.
[tex]\[
\text{Savings Percentage as Decimal} = \frac{5}{100} = 0.05
\][/tex]
3. Calculate Savings:
- The savings for the year can be found by multiplying the annual salary by the savings percentage (in decimal form):
[tex]\[
\text{Savings} = \text{Annual Salary} \times \text{Savings Percentage}
\][/tex]
[tex]\[
\text{Savings} = 60,000 \times 0.05
\][/tex]
4. Perform the Multiplication:
[tex]\[
\text{Savings} = 60,000 \times 0.05 = 3,000
\][/tex]
### Result:
Therefore, the savings at the end of the year, given an annual salary of [tex]$60,000, would be $[/tex]3,000.
