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With her company, Annika has a two-year assignment living in a large city. The company will reimburse most of her expenses. Annika is using the Quantitative Reasoning Process to build a budget. Calculate Annika's estimated living expenses for the next two years using the following:Rent: $1,050 per monthGym membership: $425 per year with a monthly fee of $20Renters' insurance: $80 every 6 months,Groceries: $360 per monthEating out & entertaining: $225 per week.Assume 52 weeks in 1 year and 12 months in 1 year.(Round your answer to the nearest whole dollar

Question

With her company, Annika has a two-year assignment living in a large city. The company will reimburse most of her expenses. Annika is using the Quantitative Reasoning Process to build a budget. Calculate Annika's estimated living expenses for the next two years using the following:Rent: 1,050permonthGymmembership:1,050 per monthGym membership: 425 per year with a monthly fee of 20Renters′insurance:20Renters' insurance: 80 every 6 months,Groceries: 360 per monthEating out & entertaining: 225 per week.Assume 52 weeks in 1 year and 12 months in 1 year.(Round your answer to the nearest whole dollar

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Solution

To calculate Annika's estimated living expenses for the next two years, we need to add up all her expenses.

  1. Rent: 1,050permonthfor24months(2years)=1,050 per month for 24 months (2 years) = 1,050 * 24 = $25,200
  2. Gym membership: 425peryearwithamonthlyfeeof425 per year with a monthly fee of 20. So, for two years, it would be (425∗2)+(425 * 2) + (20 * 24) = 850+850 + 480 = $1,330
  3. Renters' insurance: 80every6months.So,fortwoyears,itwouldbe80 every 6 months. So, for two years, it would be 80 * 4 = $320
  4. Groceries: 360permonthfor24months=360 per month for 24 months = 360 * 24 = $8,640
  5. Eating out & entertaining: 225perweek.So,fortwoyears,itwouldbe225 per week. So, for two years, it would be 225 * 52 * 2 = $23,400

Adding all these expenses together, we get 25,200+25,200 + 1,330 + 320+320 + 8,640 + 23,400=23,400 = 58,890

So, Annika's estimated living expenses for the next two years would be approximately $58,890.

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