Two Runners Are Saving Money To Attend A Marathon. The First Runner Has $112 In Savings, Received A $45 Gift From A Friend, And Will Save $25 Each Month. The Second Runner Has $50 In Savings And Will Save $60 Each Month.Which
**Two Runners Saving for a Marathon: A Financial Comparison** ===========================================================
Introduction
Running a marathon is a significant achievement that requires dedication, hard work, and financial investment. Two runners, let's call them Alex and Ben, are saving money to attend a marathon. Alex has a head start with $112 in savings, while Ben starts with $50. Both runners are determined to reach their goal, but their savings strategies differ. In this article, we'll compare their financial progress and explore the impact of their savings habits.
The First Runner: Alex
Alex has $112 in savings and received a $45 gift from a friend. This brings his total savings to $157. To reach his goal, Alex plans to save $25 each month. Let's calculate his total savings after 12 months:
| Month | Savings | Total Savings |
|---|---|---|
| 1 | $25 | $182 |
| 2 | $25 | $207 |
| 3 | $25 | $232 |
| 4 | $25 | $257 |
| 5 | $25 | $282 |
| 6 | $25 | $307 |
| 7 | $25 | $332 |
| 8 | $25 | $357 |
| 9 | $25 | $382 |
| 10 | $25 | $407 |
| 11 | $25 | $432 |
| 12 | $25 | $457 |
After 12 months, Alex will have a total of $457 in savings.
The Second Runner: Ben
Ben starts with $50 in savings and plans to save $60 each month. Let's calculate his total savings after 12 months:
| Month | Savings | Total Savings |
|---|---|---|
| 1 | $60 | $110 |
| 2 | $60 | $170 |
| 3 | $60 | $230 |
| 4 | $60 | $290 |
| 5 | $60 | $350 |
| 6 | $60 | $410 |
| 7 | $60 | $470 |
| 8 | $60 | $530 |
| 9 | $60 | $590 |
| 10 | $60 | $650 |
| 11 | $60 | $710 |
| 12 | $60 | $770 |
After 12 months, Ben will have a total of $770 in savings.
Comparison
Let's compare the total savings of Alex and Ben after 12 months:
| Runner | Total Savings |
|---|---|
| Alex | $457 |
| Ben | $770 |
Ben's savings strategy is more aggressive, with a higher monthly savings amount. As a result, Ben will have a significantly higher total savings after 12 months.
Q&A
Q: How much will Alex save in total after 12 months? A: Alex will save a total of $457 after 12 months.
Q: How much will Ben save in total after 12 months? A: Ben will save a total of $770 after 12 months.
Q: Which runner has a more aggressive savings strategy? A: Ben has a more aggressive savings strategy, with a higher monthly savings amount.
Q: Why is Ben's savings strategy more effective? A: Ben's savings strategy is more effective because he saves a higher amount each month, resulting in a significantly higher total savings after 12 months.
Q: What can Alex do to improve his savings strategy? A: Alex can consider increasing his monthly savings amount or exploring other ways to save money, such as cutting expenses or finding additional sources of income.
Conclusion
Running a marathon requires dedication, hard work, and financial investment. Alex and Ben's savings strategies differ, but both runners are determined to reach their goal. By comparing their financial progress, we can see the impact of their savings habits. Ben's more aggressive savings strategy results in a significantly higher total savings after 12 months.