Question

Daksha would like to save at least $500 in 12 months. What is the minimum amount she must save each month in order to save at least $500?

Answer 1

$41.67

Explanation:

To save at least $500 in 12 months, Daksha must save an average of at least $500/12 = $41.67 per month.

To find the minimum amount she must save each month, we can assume she saves a constant amount each month, and solve for that amount.

Let x be the amount she saves each month. Then over 12 months, she will have saved 12x dollars. To meet her goal of saving at least $500, we need:

12x ≥ 500

Solving for x, we get:

x ≥ 500/12

x ≥ 41.67

Therefore, Daksha must save at least $41.67 each month to save at least $500 in 12 months.