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stephen and whitney have been married for 10 years. after taxes and other payroll deductions, they bring home $68,000 annually. if they save 10% of their take-home pay and use the rest for household living expenses, how much should they have in an emergency fund to meet the 3-month emergency fund requirement? (tip: assume that they spend all the rest of money on living expenses.) question 4 options: $5,100. $15,300. $17,000. $20,400.

Respuesta :

They should have $17,000 in an emergency fund to meet 3-month emergency fund requirement.

What is an emergency fund?

A personal budget set aside as a financial safety net for potential disasters or unforeseen bills is known as an emergency fund, sometimes known as a contingency fund. A crucial component of financial planning, it is meant to guarantee that one's personal finances are ready for any emergency so that the dangers of depending on credit, incurring debt, or simply running out of money are decreased if such a circumstance were to arise. Emergency savings can be used for unexpected travel costs, job loss, medical emergency, car trouble, and home appliance repairs and replacements. Depending on a person's individual financial or economic position, a recommended amount of money should be set aside for an emergency fund.

Emergency fund requirement= $68,000/4=$17,000

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