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Eddie earns $2800 a month. He spends $1700 every month and saves the rest. How much will he save in 5 years?

Question

Eddie earns 2800amonth.Hespends2800 a month. He spends 1700 every month and saves the rest. How much will he save in 5 years?

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Solution

Sure, here are the steps to solve the problem:

  1. First, we need to find out how much Eddie saves each month. We do this by subtracting his monthly expenses from his monthly earnings. So, 2800(earnings)2800 (earnings) - 1700 (expenses) = 1100.ThismeansEddiesaves1100. This means Eddie saves 1100 each month.

  2. Next, we need to find out how much he saves in a year. Since there are 12 months in a year, we multiply his monthly savings by 12. So, 1100(monthlysavings)x12(months)=1100 (monthly savings) x 12 (months) = 13200. This means Eddie saves $13200 in a year.

  3. Finally, we need to find out how much he saves in 5 years. We do this by multiplying his annual savings by 5. So, 13200(annualsavings)x5(years)=13200 (annual savings) x 5 (years) = 66000.

So, Eddie will save $66000 in 5 years.

This problem has been solved

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