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 1540 every month and saves the rest. How much will he save in 5 years?
Solution
Sure, here are the steps to solve the problem:
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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, 1540 (expenses) = 620 each month.
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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, 7440. This means Sharko saves $7440 in a year.
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Finally, we need to find out how much he saves in 5 years. We do this by multiplying his annual savings by 5. So, 37,200.
Therefore, Sharko will save $37,200 in 5 years.
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