question 7 (10 points)\nyou are developing a personal mid - term financial plan for the next three to five…

question 7 (10 points)\nyou are developing a personal mid - term financial plan for the next three to five years. you anticipate a monthly income of $4,416.48. you want to follow the 50:30:20 rule for budgeting, where 50% of your income goes to needs, 30% to wants, and 20% to savings & debt repayment. based on the 50:30:20 rule, how much should you budget for wants?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

question 7 (10 points)\nyou are developing a personal mid - term financial plan for the next three to five years. you anticipate a monthly income of $4,416.48. you want to follow the 50:30:20 rule for budgeting, where 50% of your income goes to needs, 30% to wants, and 20% to savings & debt repayment. based on the 50:30:20 rule, how much should you budget for wants?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

Answer

Explanation:

Step1: Identify the income and percentage for wants

Monthly income is $4416.48, percentage for wants is 30% or 0.3.

Step2: Calculate the budget for wants

$4416.48\times0.3 = 1324.944$.

Step3: Round to the nearest cent

Rounding 1324.944 to the nearest cent gives $1324.94$.

Answer:

$1324.94$