The savings amount is $ 58.33
Solution:
Given that,
I spent $7.00 and I knew that was 12% of my savings
To find: Savings amount
Let "x" be the savings amount
Then from given,
12 % of my savings = 7
12 % of x = 7
Calculate the above equation
[tex]12 \% \times x = 7\\\\\frac{12}{100} \times x = 7\\\\0.12 \times x = 7\\\\x = \frac{7}{0.12}\\\\x = 58.33[/tex]
Thus the savings amount is $ 58.33
