Kim has worked in the tech industry for some time and would like to start consulting. In opening her new business, she will need equipment. She needs to purchase 3 laptops, 2 desktop computers, and a fax machine. Each laptop costs $546.78, each desktop computer costs $1,255.99, and the cost of the fax machine is $125.99. She currently has $3,500 in her savings account. Determine if Kim has enough in her savings account to cover the expenses of her new company, and if she doesn't have enough, determine the amount needed to cover the cost.

Question

a.
Kim can cover the cost with $315.25 left over.
b.
Kim can cover the cost with $477.68 left over.
c.
After expenses, Kim will need an additional $1,478.52 to start her company.
d.
After expenses, Kim will need an additional $778.31 to start her company.

Answer 1

To determine if Kim has enough in her savings account to cover her expenses, we'll first calculate the total cost of the equipment she needs to purchase.

1. Calculate the total cost for the laptops: \( 3 \text{ laptops} \times 546.78 = 1,640.34 \)

2. Calculate the total cost for the desktop computers: \( 2 \text{ desktop computers} \times 1,255.99 = 2,511.98 \)

3. Calculate the total cost for the fax machine: \( 1 \text{ fax machine} \times 125.99 = 125.99 \)

4. Add up all the costs to find the total expenses: \[ 1,640.34 + 2,511.98 + 125.99 = 4,278.31 \]

Now, let's check if Kim can cover the cost with her savings:

5. Compare the total expenses to Kim's savings: \[ 3,500 (savings) - 4,278.31 (total expenses) = -778.31 \]

Since Kim's total expenses exceed her savings, she does not have enough. The amount she will need to cover the cost is $778.31.

Thus, the correct answer is: d. After expenses, Kim will need an additional $778.31 to start her company.