you are developing a mid - term financial plan for the next five years. you anticipate an annual income of…

you are developing a mid - term financial plan for the next five years. you anticipate an annual income of $42,400. your estimate living expenses for both needs and wants to be $22,970 per year, and you plan to save $13,125 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? enter the dollar amount rounded to the nearest cent. your answer: answer

you are developing a mid - term financial plan for the next five years. you anticipate an annual income of $42,400. your estimate living expenses for both needs and wants to be $22,970 per year, and you plan to save $13,125 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? enter the dollar amount rounded to the nearest cent. your answer: answer

Answer

Explanation:

Step1: Identify income and expenses

Annual income = $42400$, Living expenses = $22970$, Retirement - savings = $13125$

Step2: Calculate remaining amount

Remaining amount = Annual income - Living expenses - Retirement - savings $=42400 - 22970-13125$ $=42400-(22970 + 13125)$ $=42400 - 36095$ $=6305$

Answer:

$6305.00$