Eric earns $2360 a month. He spends $1590 every month and saves the rest. How much will he save in 5 years?
Question
Eric earns 1590 every month and saves the rest. How much will he save in 5 years?
Solution
Sure, here are the steps to solve the problem:
Step 1: Calculate how much Eric saves each month by subtracting his monthly expenses from his monthly earnings.
1590 (expenses) = $770 (savings per month)
Step 2: Calculate how much Eric saves in a year. There are 12 months in a year, so multiply his monthly savings by 12.
9240 (savings per year)
Step 3: Calculate how much Eric saves in 5 years by multiplying his annual savings by 5.
46200
So, Eric will save $46200 in 5 years.
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