question 20 (4.5 points)\nyou are developing a personal mid - term financial plan for the next three to five…

question 20 (4.5 points)\nyou are developing a personal mid - term financial plan for the next three to five years. you anticipate a monthly income of $5,442.51. 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 needs?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

question 20 (4.5 points)\nyou are developing a personal mid - term financial plan for the next three to five years. you anticipate a monthly income of $5,442.51. 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 needs?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

Answer

Explanation:

Step1: Identify the income and percentage for needs

The monthly income is $5,442.51 and the percentage for needs is 50% or 0.5.

Step2: Calculate the budget for needs

Multiply the income by the percentage for needs: $5442.51\times0.5$. $5442.51\times0.5 = 2721.255$

Answer:

$2721.26$