Answer :
In order to determine the number of months Richard needs to save [tex]$11,170, we need to know his monthly saving rate. Assuming Richard saves $[/tex]500 per month:
1. We start with Richard's savings goal, which is [tex]$11,170. 2. Next, we consider his monthly saving rate, which is $[/tex]500 per month.
3. To find out how many months Richard needs to save [tex]$11,170, we divide the savings goal by the monthly saving rate: \[ \text{Number of months} = \frac{\text{Savings goal}}{\text{Monthly saving rate}} \] 4. Plugging in the values: \[ \text{Number of months} = \frac{11,170}{500} \] 5. Performing the division, we find: \[ \text{Number of months} = 22.34 \] Therefore, it will take approximately 22.34 months for Richard to have savings of $[/tex]11,170. Since the number of months must be a whole number if we consider that he makes contributions only once per month, Richard will need 23 months, assuming he cannot save partial months.
1. We start with Richard's savings goal, which is [tex]$11,170. 2. Next, we consider his monthly saving rate, which is $[/tex]500 per month.
3. To find out how many months Richard needs to save [tex]$11,170, we divide the savings goal by the monthly saving rate: \[ \text{Number of months} = \frac{\text{Savings goal}}{\text{Monthly saving rate}} \] 4. Plugging in the values: \[ \text{Number of months} = \frac{11,170}{500} \] 5. Performing the division, we find: \[ \text{Number of months} = 22.34 \] Therefore, it will take approximately 22.34 months for Richard to have savings of $[/tex]11,170. Since the number of months must be a whole number if we consider that he makes contributions only once per month, Richard will need 23 months, assuming he cannot save partial months.