Stanley earns $1160 a month. He spends $540 every month and saves the rest. How much will he save in 4 years?
Calculate savings amount per month:
Savings amount per month = Earnings - Spend
Savings amount per month = 1160 - 540
Savings amount per month = 620
Convert years to months
4 years = 12 * 4 months
4 years = 48 months
Calculate total savings:
Total Savings = Savings per month * number of months saved
Total Savings = 620 * 48
Total Savings = $29,760
Calculate savings amount per month:
Savings amount per month = Earnings - Spend
Savings amount per month = 1160 - 540
Savings amount per month = 620
Convert years to months
4 years = 12 * 4 months
4 years = 48 months
Calculate total savings:
Total Savings = Savings per month * number of months saved
Total Savings = 620 * 48
Total Savings = $29,760