Andrea wants to build an emergency fund of $ 2 , 340 $2,340dollar sign, 2, comma, 340 over the next year. She wants to save the minimum amount from each of her bi-weekly paychecks.
To determine the minimum amount Andrea needs to save from each bi-weekly paycheck, we need to divide the total amount she wants to save ($2,340) by the number of paychecks she will receive in a year.
First, we need to determine the number of bi-weekly paychecks in a year. Since a year has 52 weeks and Andrea is paid bi-weekly, she will receive 52 / 2 = 26 paychecks in a year.
Next, we divide the total amount she wants to save ($2,340) by the number of paychecks in a year (26) to find the minimum amount she needs to save from each paycheck.
$2,340 / 26 = $90
Therefore, Andrea needs to save a minimum of $90 from each of her bi-weekly paychecks in order to build her emergency fund of $2,340 over the next year.
To calculate the minimum amount Andrea needs to save from each bi-weekly paycheck, we need to determine the number of paychecks she will receive over the next year.
There are 52 weeks in a year, and if Andrea is paid bi-weekly, she will receive 26 paychecks in total.
To find the minimum amount Andrea needs to save from each paycheck, we divide the target emergency fund amount ($2,340) by the number of paychecks (26):
$2,340 / 26 = $90
Therefore, Andrea needs to save a minimum of $90 from each of her bi-weekly paychecks to reach her emergency fund goal of $2,340 over the next year.
To determine the minimum amount Andrea needs to save from each bi-weekly paycheck in order to reach her target emergency fund of $2,340 over the next year, we can follow these steps:
1. Calculate the number of paychecks Andrea will receive in a year. Since she is paid bi-weekly, there are usually 26 pay periods in a year (52 weeks / 2 weeks per paycheck).
2. Divide the total amount needed for the emergency fund ($2,340) by the number of paychecks per year (26), which will give us the minimum amount she needs to save from each paycheck.
Let's do the calculation:
$2,340 รท 26 = $90
Therefore, Andrea needs to save at least $90 from each of her bi-weekly paychecks in order to reach her goal of $2,340 emergency fund over the next year.