Round any decimals to the nearest penny.

Question

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?

Answer 1

To calculate how much you saved per month, first find the total amount saved in the emergency fund:

5 months x $834.02/month = $4,170.10

Since the amount saved must be rounded to the nearest penny, the total amount saved is $4,170.10.

Next, find how much was saved per month by dividing the total amount saved by 12 months:

$4,170.10 / 12 months = $347.51

Rounded to the nearest penny, you saved $347.51 per month for your emergency fund.