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Aaron earns $2680 a month. He spends $1670 every month and saves the rest. How much will he save in 5 years?

Question

Aaron earns 2680amonth.Hespends2680 a month. He spends 1670 every month and saves the rest. How much will he save in 5 years?

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Solution 1

Sure, here are the steps to solve the problem:

Step 1: Calculate how much Aaron saves each month by subtracting his monthly expenses from his monthly earnings.

2680(monthlyearnings)2680 (monthly earnings) - 1670 (monthly expenses) = $1010

So, Aaron saves $1010 each month.

Step 2: Calculate how much Aaron saves in a year. Since there are 12 months in a year, you multiply his monthly savings by 12.

1010(monthlysavings)x12(monthsinayear)=1010 (monthly savings) x 12 (months in a year) = 12120

So, Aaron saves $12120 in a year.

Step 3: Calculate how much Aaron saves in 5 years by multiplying his annual savings by 5.

12120(annualsavings)x5(years)=12120 (annual savings) x 5 (years) = 60600

So, Aaron will save $60600 in 5 years.

This problem has been solved

Solution 2

Sure, here are the steps to solve the problem:

  1. First, we need to find out how much Aaron saves each month. We do this by subtracting his monthly expenses from his monthly earnings. So, 2680(earnings)2680 (earnings) - 1670 (expenses) = 1010.ThismeansAaronsaves1010. This means Aaron saves 1010 each month.

  2. Next, we need to find out how much he saves in a year. Since there are 12 months in a year, we multiply his monthly savings by 12. So, 1010x12=1010 x 12 = 12,120. This means Aaron saves $12,120 in a year.

  3. Finally, we need to find out how much he saves in 5 years. We do this by multiplying his annual savings by 5. So, 12,120x5=12,120 x 5 = 60,600.

Therefore, Aaron will save $60,600 in 5 years.

This problem has been solved

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