For the month of June, Mae Green budgeted the following amounts: $180 for food, $475 for rent, $15 for transportation, $50 for insurance, $65 for utilities, $25 for a gift for her sister, $150 for a car payment, and $30 for clothing. She actually spent $182 for food, $475 for rent, $12 for transportation, $65 for insurance, $68 for utilities, $12.50 for the gift, $150 for the car payment, and $36 for clothing. Did Mae stay within the total amount allocated for her budget?

No, she did not

Explanation:

In this question, we are asked to answer if Mae stayed within her budget, given her budget and the total amount she later spent.

To solve this problem, what we need to do is to add up all what she budgeted. Afterwards we add up all she spent. Then , we see the difference between the two to actually know if she stayed within her budget of not.

We proceed as follows:;

Let’s calculate budgeted amount: This is ; 180 + 475 + 15 + 50 + 65 + 25 + 150 + 30 = $990

Now, let’s calculate how much she later spent; That would be; 182 + 475 + 12 + 65 + 68 + 12.5 + 36 + 150 = $1000.5

We can see that she spent more that the amount she had budgeted. This means she didn’t stay within the total amount allocated for her budget

the investment was $14,174.196

explanation:

a lump sum means that the father of the example made one deposit and leave it be.

we need to know the value of a capital that generated at 4.05% per year during 28 years the sum of $48,613.24

now clearing the formula to solve for capital we got:

and we reach the answer investment = $14,174.20