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 $4,656.15. 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 $4,656.15. 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 $4,656.15 and percentage for wants is 30% or 0.3 in decimal form.

Step2: Calculate the amount for wants

$4656.15\times0.3 = 1396.845$

Step3: Round to the nearest cent

Rounding 1396.845 to the nearest cent gives $1396.85$.

Answer:

$1396.85$