Having received his weekly allowance, a student spent 2/5 of his allowance at the arcade. The next day he spent one third of his remaining allowance at the toy store, and then spent his last $1.20 at the candy store. What is this student’s weekly allowance?
Choose the correct choice from the following.
A) $ 2.00
B) $ 2.25
C) $ 2.50
D) $ 2.75
E) $ 3.00

Rationale: "let x be the value of the weekly allowance . ( 2 / 3 ) ( 3 / 5 ) x = 120 cents ( 2 / 5 ) x = 120 x = $ 3.00 the answer is e ."
Answer: E