question 8 (10 points) you are developing a personal mid - term financial plan for the next three to five…

question 8 (10 points) you are developing a personal mid - term financial plan for the next three to five years. you anticipate a monthly income of $4,465.52. 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 savings & debt repayment? enter the dollar amount rounded to the nearest cent. your answer: answer

question 8 (10 points) you are developing a personal mid - term financial plan for the next three to five years. you anticipate a monthly income of $4,465.52. 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 savings & debt repayment? enter the dollar amount rounded to the nearest cent. your answer: answer

Answer

Explanation:

Step1: Identify the percentage for savings & debt repayment

The percentage for savings & debt repayment is 20% or 0.2 in decimal form.

Step2: Calculate the amount

Multiply the monthly income by the percentage for savings & debt repayment. The monthly income is $4,465.52. So the amount is $4,465.52\times0.2$. $4465.52\times0.2 = 893.104$

Step3: Round to the nearest cent

Rounding 893.104 to the nearest cent gives $893.10$.

Answer:

$893.10$