In order to determine the number of months Richard needs to save [tex]$11,170, we need to know his monthly saving rate. Assuming Richard saves $[/tex]500 per month:
1. We start with Richard's savings goal, which is [tex]$11,170.
2. Next, we consider his monthly saving rate, which is $[/tex]500 per month.
3. To find out how many months Richard needs to save [tex]$11,170, we divide the savings goal by the monthly saving rate:
\[ \text{Number of months} = \frac{\text{Savings goal}}{\text{Monthly saving rate}} \]
4. Plugging in the values:
\[ \text{Number of months} = \frac{11,170}{500} \]
5. Performing the division, we find:
\[ \text{Number of months} = 22.34 \]
Therefore, it will take approximately 22.34 months for Richard to have savings of $[/tex]11,170. Since the number of months must be a whole number if we consider that he makes contributions only once per month, Richard will need 23 months, assuming he cannot save partial months.
