question 17 (4 points) saved\nyou are developing a mid - term financial plan for the next five years. you…

question 17 (4 points) saved\nyou are developing a mid - term financial plan for the next five years. you anticipate an annual income of $40,650. your estimate living expenses for both needs and wants to be $20,575 per year, and you plan to save $11,025 annually for retirement. you also want to save for a down payment on a home and build your emergency fund. considering these figures, how much will you have left for additional savings?\nenter the dollar amount rounded to the nearest cent.

question 17 (4 points) saved\nyou are developing a mid - term financial plan for the next five years. you anticipate an annual income of $40,650. your estimate living expenses for both needs and wants to be $20,575 per year, and you plan to save $11,025 annually for retirement. you also want to save for a down payment on a home and build your emergency fund. considering these figures, how much will you have left for additional savings?\nenter the dollar amount rounded to the nearest cent.

Answer

Explanation:

Step1: Identify income and expenses

Annual income = $40,650, living expenses = $20,575, retirement - savings = $11,025.

Step2: Calculate remaining amount

Use the formula: Remaining amount=Annual income - (Living expenses + Retirement - savings). $40650-(20575 + 11025)$ $=40650 - 31600$ $=9050$

Answer:

$9050.00$