Question

select the budget that would most quickly achieve the financial goal of saving $6000 for college tuition.
income: $1250, $1000, $1125, $1500
expenses:
rent: $200, $200, $300, $0
utilities: $70, $80, $75, $0
food: $150, $250, $160, $400
cell phone: $0, $75, $40, $110
savings: $600, $50, $200, $450
personal items: $120, $10, $25, $50
entertainment: $30, $100, $20, $150
car expenses: $0, $200, $0, $250
clothing: $20, $0, $300, $50
net income: $60, $35, $5, $40
a. budget a
b. budget b
c. budget c

Explanation:

Step1: Calculate monthly savings for each budget

Budget A: $60$; Budget B: $35$; Budget C: $5$; Budget D: $40$

Step2: Determine time to reach goal

Time = $\frac{\text{Goal Amount}}{\text{Monthly Savings}}$. For Budget A, time = $\frac{6000}{60}=100$ months; for Budget B, time = $\frac{6000}{35}\approx171.43$ months; for Budget C, time = $\frac{6000}{5} = 1200$ months; for Budget D, time = $\frac{6000}{40}=150$ months.

Answer:

A. Budget A