Answer :
First, we need to identify Sammy's monthly living expenses. From the provided table, the total amount allocated to various categories annually is [tex]$2,362. To find the monthly living expenses, we:
1. Calculate the monthly expenses:
\[
\text{Monthly living expenses} = \frac{\text{Total Annual Expenses}}{12} = \frac{2362}{12} \approx 196.83
\]
However, this step may not be necessary since the key point is the total annual expenses provided as $[/tex]2,362.
Next, we want to determine how much Sammy needs to save to have 3 times the amount of his living expenses in the bank for his emergency savings. Therefore, we compute:
2. Emergency savings target:
[tex]\[ \text{Emergency savings target} = 3 \times \text{Total Annual Living Expenses} = 3 \times 2362 = 7086 \][/tex]
Now, we need to compare the computed emergency savings target ([tex]$7,086) with the given choices to see which one matches: - a. $[/tex]1,712; approximately 8 months
- b. [tex]$5,136; approximately 24 months - c. $[/tex]6,486; approximately 30 months
- d. [tex]$2,162; approximately 6 months 3. After comparing, none of the options match the emergency savings target of $[/tex]7,086.
Thus, the detailed step-by-step solution results in a conclusion where none of the provided choices align with the required emergency savings target. Consequently, the correct response is:
[tex]\( \textbf{None of the provided choices meet the emergency savings target.} \)[/tex]
The closest match is not satisfactory, hence the solution indicates that none of the provided options are correct.
Next, we want to determine how much Sammy needs to save to have 3 times the amount of his living expenses in the bank for his emergency savings. Therefore, we compute:
2. Emergency savings target:
[tex]\[ \text{Emergency savings target} = 3 \times \text{Total Annual Living Expenses} = 3 \times 2362 = 7086 \][/tex]
Now, we need to compare the computed emergency savings target ([tex]$7,086) with the given choices to see which one matches: - a. $[/tex]1,712; approximately 8 months
- b. [tex]$5,136; approximately 24 months - c. $[/tex]6,486; approximately 30 months
- d. [tex]$2,162; approximately 6 months 3. After comparing, none of the options match the emergency savings target of $[/tex]7,086.
Thus, the detailed step-by-step solution results in a conclusion where none of the provided choices align with the required emergency savings target. Consequently, the correct response is:
[tex]\( \textbf{None of the provided choices meet the emergency savings target.} \)[/tex]
The closest match is not satisfactory, hence the solution indicates that none of the provided options are correct.