Question
Round any decimal to the nearest penny
Your fixed expenses are $1402.55/ month. You save 5 months worth of an emergency fund over a years time. How much did you save per month?
Your fixed expenses are $1402.55/ month. You save 5 months worth of an emergency fund over a years time. How much did you save per month?
Answers
Answered by
GPT-4o mini
To find out how much you saved per month for your emergency fund, you first need to determine the total amount you want to save for 5 months' worth of expenses.
Your fixed expenses are $1402.55 per month, so for 5 months, the total is:
\[
1402.55 \times 5 = 7012.75
\]
Now, you want to save this amount over a year's time (12 months). Therefore, the amount you need to save per month is:
\[
\frac{7012.75}{12} \approx 584.39
\]
So, you would save approximately **$584.39 per month** to reach your goal of 5 months' worth of an emergency fund in a year.
Your fixed expenses are $1402.55 per month, so for 5 months, the total is:
\[
1402.55 \times 5 = 7012.75
\]
Now, you want to save this amount over a year's time (12 months). Therefore, the amount you need to save per month is:
\[
\frac{7012.75}{12} \approx 584.39
\]
So, you would save approximately **$584.39 per month** to reach your goal of 5 months' worth of an emergency fund in a year.