Scenario:

Abdol Akhim has just come from a Personal Finance class where he learned that he can determine how much

his savings will be worth in the future. Abdol is completing his two-year business administration degree this

semester and has been repairing computers in his spare time to pay for his tuition and books. Abdol got out his

savings records and decided to apply what he had learned. He has a balance of $1,000 in a money market

account at First Savings Bank, and he considers this to be an emergency fund. His instructor says that he

should have 3-6 months of his total bills in an emergency fund. His bills are currently $700 a month. He also

has a checking account and a regular savings account at First Savings Bank, and he will shift some of his

funds from those accounts into the emergency fund. One of Abdol's future goals is to buy a house. He wants to

start another account to save the $8,000 he needs for a down payment.

Question:

How much money must Abdol shift from his other accounts to his emergency fund to have four times his monthly bills

in the account by the end of the year?