To help Janette cover her college expense, parents provide Janette with a monthly allowance of $340. Besides, Janette earns $600 per month from the part-time job. Janette has to pay $200 in rent expense and $ 75 per month for her car insurance. Janette plans to spend monthly $80 on clothes, $50 for personal care, and $100 for entertainment. Janette also estimates her monthly eating out expense at $140, and she expects that $100 will be enough to cover all her other spending. Given that Janette follows the above income/spending schedule, how much can she put aside within eight months? Assume Janette puts the amount she put aside within eight months on the account that earns 4.75% per year, compounded annually. What would be the balance of this account in five years? Round your answers to the nearest dollar. Show your work.

To help Janette cover her college expense, parents provide Janette with a monthly allowance of $340. Besides, Janette earns $600 per month from the part-time job. Janette has to pay $200 in rent expense and $ 75 per month for her car insurance. Janette plans to spend monthly $80 on clothes, $50 for personal care, and $100 for entertainment. Janette also estimates her monthly eating out expense at $140, and she expects that $100 will be enough to cover all her other spending. Given that Janette follows the above income/spending schedule, how much can she put aside within eight months? Assume Janette puts the amount she put aside within eight months on the account that earns 4.75% per year, compounded annually. What would be the balance of this account in five years? Round your answers to the nearest dollar. Show your work.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter17: Capital And Time

Section: Chapter Questions

Problem 17.8P

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