anonymous
  • anonymous
If Melody's monthly income is $3,250, what is the minimum she should have in her emergency fund? A. $3,250.00 B. $6,500.00 C. $9,750.00 D. $13,000.00
Mathematics
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schrodinger
  • schrodinger
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anonymous
  • anonymous
@jim_thompson5910 can u tell me what i need to do to get my answer?
jim_thompson5910
  • jim_thompson5910
depends on how much she needs if she lost her job and how long she is without a job for instance, if she needs money to cover 1 month of being unemployed, then she should have 3250 dollars. If she needs 2 months of wages (to cover 2 months of being unemployed), then she'll need 2*3250 = 6500 dollars etc etc
jim_thompson5910
  • jim_thompson5910
does it say what a good rule of thumb is? like in terms of how much buffer room there is

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anonymous
  • anonymous
so im thinking my answer is 6500. and no it doesnt say what rule of thumb.
anonymous
  • anonymous
would you chose 6500?
jim_thompson5910
  • jim_thompson5910
2 to 3 months is usually a good rule of thumb in my book since that gives a person plenty of time to find another job
jim_thompson5910
  • jim_thompson5910
this is assuming the job market is decent
anonymous
  • anonymous
so should i go with 6500?
anonymous
  • anonymous
cause it asks us what is the "minimum" she should have
jim_thompson5910
  • jim_thompson5910
that's probably a good rule of thumb to go by, 2 months should be enough

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