(1 point)

Question

Round any decimals to the nearest penny.
Your fixed expenses are $834.02/month. You save 5 months' worth in an emergency fund over a year’s time. How much did you save per month?
$
/month

Answer 1

To find out how much you saved per month for an emergency fund of 5 months' worth of fixed expenses, you first need to calculate the total amount saved.

1. Calculate the total savings for 5 months: \[ \text{Total savings} = \text{Fixed expenses} \times 5 = 834.02 \times 5 = 4170.10 \]

2. Divide the total savings by the number of months (12) to find out how much you saved per month: \[ \text{Monthly savings} = \frac{\text{Total savings}}{12} = \frac{4170.10}{12} \approx 347.51 \]

Therefore, you saved approximately $347.51 per month.