Question

Question

Manuel has saved $253.32 so far. He plans to put $50 into his savings each month for the next year. How much money will Manuel have after a year of savings?

Answer 1

To find out how much money Manuel will have after a year of savings, we start with the amount he has saved so far and add the amount he plans to save over the next year.

1. Current savings: $253.32
2. Monthly saving: $50
3. Number of months in a year: 12

First, calculate the total amount Manuel will save over the next year:

\[ \text{Total savings over a year} = \text{Monthly saving} \times \text{Number of months} \] \[ \text{Total savings over a year} = 50 \times 12 = 600 \]

Now, add this amount to his current savings:

\[ \text{Total savings after a year} = \text{Current savings} + \text{Total savings over a year} \] \[ \text{Total savings after a year} = 253.32 + 600 = 853.32 \]

Thus, after a year of savings, Manuel will have $853.32.