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

Question

Eric earns 2360amonth.Hespends2360 a month. He spends 1590 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:

Step 1: Calculate how much Eric saves each month by subtracting his monthly expenses from his monthly earnings.

2360(earnings)2360 (earnings) - 1590 (expenses) = $770 (savings per month)

Step 2: Calculate how much Eric saves in a year. There are 12 months in a year, so multiply his monthly savings by 12.

770(savingspermonth)x12(monthsinayear)=770 (savings per month) x 12 (months in a year) = 9240 (savings per year)

Step 3: Calculate how much Eric saves in 5 years by multiplying his annual savings by 5.

9240(savingsperyear)x5(years)=9240 (savings per year) x 5 (years) = 46200

So, Eric will save $46200 in 5 years.

This problem has been solved

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