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gizmo_the_mogwai [7]
2 years ago
10

Eric Patterson earns $82,000 a year. His monthly expenses total $5,400. What is the minimum amount of money that he should set a

side in an emergency fund
Business
1 answer:
slava [35]2 years ago
5 0

Based on the amount earned and the monthly expenses, Eric should set aside <u>$16,200</u> for an emergency fund.

It is generally recommended that when settling cash aside for an emergency fund, the amount that one sets aside be 3 times their monthly expenses.

Eric's monthly expenses are $5,400 so the amount to be set aside should be:

= 5,400 x 3

= $16,200

In conclusion, Eric should set aside $16,200 for the emergency fund.

<em>Find out more at brainly.com/question/13420184. </em>

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Answer:

FV= $6,124.46

Explanation:

Giving the following information:

You plan to save $1,400 for the next four years, beginning now, to pay for a vacation. If you can invest it at 6 percent annually,

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