Jim and Alice Lange, employees at Walmart, have put themselves on a strict budget. Their goal at year's end is to buy a boat for $19,000 in cash. Their budget includes the following: 44% food and lodging 25% entertainment 10% educational Jim earns $1,900 per month and Alice earns $2,300 per month. After 1 year, will Alice and Jim have enough cash to buy the boat? (Assume that any amounts left over will be saved for purchase of boat.)

Question

Mathematics

Clara Becker

27 November, 09:53

Jim and Alice Lange, employees at Walmart, have put themselves on a strict budget. Their goal at year's end is to buy a boat for $19,000 in cash. Their budget includes the following: 44% food and lodging 25% entertainment 10% educational Jim earns $1,900 per month and Alice earns $2,300 per month. After 1 year, will Alice and Jim have enough cash to buy the boat? (Assume that any amounts left over will be saved for purchase of boat.)

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Answers (1)

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Harper Stevens · Answer 1

no

Step-by-step explanation:

The amounts listed total 79% of their income, so 21% is "left over." Their total earnings are ...

$1900 + 2300 = $4200 per month

Annually, that is ...

$4200/mo * 12 mo/yr = $50,400/yr

The left over amount is 21% of that, or ...

0.21 * $50,400 = $10,584

At year's end, they will have saved an amount somewhat short of their $19,000 goal. NO, they will not have enough to buy the boat.