Ian Fleming has just received a job offer of $55,000 salary per year plus overtime pay, which will amount to 10% of his salary. Ian estimates his living costs as follows:

Required:
1. Prepare a budget for the year. Assume Ian starts his job on January 1.
2. Is Ian€™s offer sufficient to meet his projected expenses?
3. Ian has always dreamed of going to Africa to photograph wildlife. The trip will cost $8,000.
How long will it take Ian to save for the trip? (Ignore interest earnings, and assume that
Ian will not use his retirement savings for thistrip.)

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Federal, state, and FICA taxes amount to Rent Car payment Gas and maintenance-automobile. Insurance. $130/month 35% of income S500/month $210/month $75/month $175/month Food. S1,750/year 4% of net take-home pay Entertainment Clothing. IRA $170/month $50/month Long-term savings for retirement Utilities $80/month