1. **State the problem:** Janette receives a monthly allowance and income, has monthly expenses, and wants to know how much she can save in 8 months and the future value of that saving after 5 years with interest. 2. **Calculate monthly income:** Monthly allowance = 340 Monthly job income = 600 Total monthly income = $340 + $600 = $940 3. **Calculate monthly expenses:** Rent = 200 Car insurance = 75 Clothes = 80 Personal care = 50 Entertainment = 100 Eating out = 140 Other spending = 100 Total monthly expenses = $200 + $75 + $80 + $50 + $100 + $140 + $100 = $745 4. **Calculate monthly savings:** Monthly savings = Total income - Total expenses = $940 - $745 = $195 5. **Calculate total savings in 8 months:** Total savings = Monthly savings × 8 = $195 × 8 = $1560 6. **Calculate future value of savings after 5 years:** Interest rate = 4.75% per year compounded annually Principal $P = 1560$ Rate $r = 0.0475$ Time $t = 5$ years Future value formula: $$FV = P(1 + r)^t$$ Substitute values: $$FV = 1560(1 + 0.0475)^5 = 1560(1.0475)^5$$ 7. **Calculate $(1.0475)^5$:** $$1.0475^5 \approx 1.2597$$ 8. **Calculate future value:** $$FV = 1560 \times 1.2597 \approx 1965$$ 9. **Final answers:** - Amount Janette can put aside in 8 months: $1560$ - Balance of the account after 5 years: $1965$ Janette can save 1560 in 8 months and after 5 years with interest, the balance will be approximately 1965.