Question

Joelle wants to have an emergency fund to cover 6 months of her expenses. Her

Answer 1

How long will it take her to build her emergency fund is 30 months

Given:

Gross pay =$4,000

Monthly expenses =$2,000

First step is to calculate her Joelle 6 month expenses

6 months expenses=$2,000 × 6

6 months expenses= $12,000

Second step is to calculate the amount of income Joelle saved each month

Income= 10% × $4,000

Income = $400

Now let calculate how long will it take her to build her emergency fund

Number of months=$12,000/$400

Number of months=30 months

Inconclusion How long will it take her to build her emergency fund is 30 months

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