Ian and Tami, a young couple with a child, live in a rented apartment. After taxes, Ian earns $$38,180$ per year and Tami$$s part$-$time job brings in $$7000$ per year. In the foreseeable future, their earnings probably will just keep pace with inflation. They are presently operating on the following monthly budget. Find their total monthly budget.

Monthly Budget

Category Amount

Rent $$1050$

Food $$600$

Day Care $$525$

Clothing $$420$

Utilities $$120$

Entertainment $$300$

Savings $$450$

Other $$300$

Total $

They have $$36,000$ in a savings account.

Answer the following:

Ian and Tami's yearly income is $

$.$

The total monthly budget $($see above in the table$).$

Do Ian and Tami live on a balanced budget $($i$.$e$.,$ does income equal expenses for the year$)($yes or no$)?$