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19 February, 12:41

3 of 10: Your goal is to have an emergency fund equal to 3 months living expenses. Your living expenses are $700 a month. Your take-home pay per month is $1,100, and you plan to put 10% toward your emergency fund each month. How long will it take you to reach your goal

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  1. 19 February, 15:58
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    1.6 years

    Explanation:

    If monthly expenses are 700, An emergency fund equal three times monthly expenses will be $700 x 3 = $2100.

    The monthly take-home is 1,100; 10 % of take-home will be savings.

    =10/100 x 1100

    =0.1 x 1100

    =$110

    very month savings will be $110

    Desired savings are $2100

    the time it will take to reach the desired savings

    =$2100/$110

    =19.09090 months

    Time in years $ 19.09090/12

    1.59090 years

    =1.6 years
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