Jack Masters earns $35,000 a year. His monthly expenses total $1,500. What is the minimum amount of money that Mr. Masters should set aside in an emergency fund?
a. $6,000
b. $3,000
c. $4,500
d. $8,750
e. $1,500
Ans: c. $4,500
emergency fund = monthly expenses * 3 months
=>$1500*3
=>$4,500.
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