Last year Ginger saved 10 percent of her annual earnings. This year she earned 5 percent more than last year and saved 12 percent of her annual earnings. The amount saved this year was what percent of the amount saved last year?

Last Year: 0.10x

This Year: 0.05 + 0.12x

I concluded the equation to be:

(0.05 + 0.12x) = 0.10x

This led to -2.5 as a value for x.

Book's answer is 126 percent.

What is the correct equation set up?

Can someone explain this problem sentence by sentence leading to the correct equation?