Knowee
Questions
Features
Study Tools

Sharko earns $2160 a month. He spends $1540 every month and saves the rest. How much will he save in 5 years?

Question

Sharko earns 2160amonth.Hespends2160 a month. He spends 1540 every month and saves the rest. How much will he save in 5 years?

🧐 Not the exact question you are looking for?Go ask a question

Solution

Sure, here are the steps to solve the problem:

  1. First, we need to find out how much Sharko saves each month. We do this by subtracting his monthly expenses from his monthly earnings. So, 2160(earnings)2160 (earnings) - 1540 (expenses) = 620.ThismeansSharkosaves620. This means Sharko saves 620 each month.

  2. Next, we need to find out how much he saves in a year. Since there are 12 months in a year, we multiply his monthly savings by 12. So, 620x12=620 x 12 = 7440. This means Sharko saves $7440 in a year.

  3. Finally, we need to find out how much he saves in 5 years. We do this by multiplying his annual savings by 5. So, 7440x5=7440 x 5 = 37,200.

Therefore, Sharko will save $37,200 in 5 years.

This problem has been solved

Similar Questions

Eric earns $2360 a month. He spends $1590 every month and saves the rest. How much will he save in 5 years?

Chris earns $2480 a month. He spends $1620 every month and saves the rest. How much will he save in 5 years?

David earns $1080 a month. He spends $520 every month and saves the rest. How much will he save in 4 years?

Mr Tan earns $1120 a month. He spends $530 every month and saves the rest. How much will he save in 4 years?

Mr Simes earns $3360 every week, and sets aside 7% of this as his holiday savings account.  How much will he accumulate in this account over one year

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.