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With her new company, Annika has a two-year assignment living in a large city. The company will reimburse most of her expenses. Annika is using the Quantitative Reasoning Process to build a budget. Calculate Annika's estimated living expenses for the next two years using the following:Rent: $1,400 per month, Gym membership: $400 per year with a monthly fee of $45, Renters' insurance: $95 every 6 months, Groceries: $345 per month, and Eating out & entertaining: $200 per week.Assume 52 weeks in 1 year and 12 months in 1 year.(Round your answer to the nearest whole dollar)

Question

With her new company, Annika has a two-year assignment living in a large city. The company will reimburse most of her expenses. Annika is using the Quantitative Reasoning Process to build a budget. Calculate Annika's estimated living expenses for the next two years using the following:Rent: 1,400permonth,Gymmembership:1,400 per month, Gym membership: 400 per year with a monthly fee of 45,Renters′insurance:45, Renters' insurance: 95 every 6 months, Groceries: 345 per month, and Eating out & entertaining: 200 per week.Assume 52 weeks in 1 year and 12 months in 1 year.(Round your answer to the nearest whole dollar)

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Solution

To calculate Annika's estimated living expenses for the next two years, we need to add up all her expenses.

  1. Rent: 1,400permonthfor24months(2years)=1,400 per month for 24 months (2 years) = 1,400 * 24 = $33,600
  2. Gym membership: 400peryearfor2years=400 per year for 2 years = 400 * 2 = 800.Plusamonthlyfeeof800. Plus a monthly fee of 45 for 24 months = 45∗24=45 * 24 = 1,080. So, total gym cost = 800+800 + 1,080 = $1,880
  3. Renters' insurance: 95every6months,so95 every 6 months, so 95 * 4 (since 2 years is 4 six-month periods) = $380
  4. Groceries: 345permonthfor24months=345 per month for 24 months = 345 * 24 = $8,280
  5. Eating out & entertaining: 200perweekfor104weeks(2years)=200 per week for 104 weeks (2 years) = 200 * 104 = $20,800

Now, add up all these expenses to get the total estimated living expenses for the next two years:

33,600(Rent)+33,600 (Rent) + 1,880 (Gym) + 380(Insurance)+380 (Insurance) + 8,280 (Groceries) + 20,800 (Eating out & entertaining) = 64,940

So, Annika's estimated living expenses for the next two years is approximately $64,940.

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