Question

Your goal is to have an emergency fund equal to 3 months living expenses. Your living expenses are $700 a month. Your take-home pay per month is $1,100, and you plan to put 10% toward your emergency fund each month. How long will it take you to reach your goal?

Answer 1

6.4 months Because 10% of $1,100 is $110 

multiply 110 by 6.4 and you get 704 

so 6.4 months