Answer to Question #101343 in Financial Math for Taylor

Question #101343
In the next 10 months Colin wants to save $900 for his vacation. He plans to save $75 each of the first 8 months. How much must he save each of the last 2 months in order to meet his goal if he saves the same amount each month?
1
Expert's answer
2020-01-16T04:51:16-0500

Given,

In the first @$8 \space@$months, Colin saves @$\$75 @$ each month.


The amount saved in 8 months = @$8 \times \$75 = \$600@$


Amount Colon saved in 10 months

@$=\$900 @$

Colin's savings in the last two months

@$=\$900 - \$600 = \$300@$

To reach his goal, Amount needed to save in each month will be

@$=\frac {\$300}{2} = \$150@$

Answer: @$\$150@$.


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