Chris earns $2480 a month. He spends $1620 every month and saves the rest. How much will he save in 5 years?
Question
Chris earns 1620 every month and saves the rest. How much will he save in 5 years?
Solution
Sure, here are the steps to solve the problem:
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First, we need to find out how much Chris saves each month. We do this by subtracting his monthly expenses from his monthly earnings. So, 1620 (expenses) = 860 each month.
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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, 10,320. This means Chris saves $10,320 in a year.
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Finally, we need to find out how much he saves in 5 years. We do this by multiplying his annual savings by 5. So, 51,600.
So, Chris will save $51,600 in 5 years.
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