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

Question

Chris earns 2480amonth.Hespends2480 a month. He spends 1620 every month and saves the rest. How much will he save in 5 years?

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Solution

Sure, here are the steps to solve the problem:

  1. First, we need to find out how much Chris saves each month. We do this by subtracting his monthly expenses from his monthly earnings. So, 2480(earnings)2480 (earnings) - 1620 (expenses) = 860.ThismeansChrissaves860. This means Chris saves 860 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, 860x12=860 x 12 = 10,320. This means Chris saves $10,320 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, 10,320x5=10,320 x 5 = 51,600.

So, Chris will save $51,600 in 5 years.

This problem has been solved

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