Midge makes six payments each year of $115 for her auto insurance. How
much must she budget weekly to cover this fixed expense?
a. $14.38
b. $19.17
c. $27.13
d. $13.27
To find out how much Midge must budget weekly, we need to divide the total annual cost ($115 x 6 = $690) by the number of weeks in a year. Since there are 52 weeks in a year, we can calculate:
$690 รท 52 weeks = $13.27 per week
Therefore, the answer is (d) $13.27.
To determine how much Midge must budget weekly to cover this fixed expense, we need to divide the total annual payment by the number of weeks in a year.
Midge makes six payments each year of $115, so the total annual payment is 6 * $115 = $690.
There are 52 weeks in a year, so Midge must budget $690 / 52 = $13.27 weekly to cover this fixed expense.
Therefore, the correct answer is d. $13.27.
To determine how much Midge must budget weekly, we need to divide the total annual payment by the number of weeks in a year.
1. Start by finding the total annual payment: $115 * 6 payments = $690.
2. Next, determine the number of weeks in a year. The standard way to calculate this is to multiply the number of weeks in a month by the number of months in a year. There are approximately 4.33 weeks in a month, and 12 months in a year, so: 4.33 * 12 = 51.96 weeks (rounded to 52).
3. Finally, divide the total annual payment by the number of weeks in a year: $690 / 52 = $13.27.
Therefore, Midge needs to budget $13.27 weekly to cover this fixed expense. The correct answer is option d. $13.27.