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Jason and Larissa would like to have a monthly living expense covered ratio (basic liquidity ratio) of 3. They currently have $2,800 in their account and their annual expenses are $54,000. How much more do they need in their account to reach their goal?

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hyderali230

Answer:

They need more $10,700 in their account to reach their goal.

Explanation:

Current Account Balance = $2,800

Expenses = $54,000 per year = 54,000 /12 = $4,500 per month

Coverage Ratio = 3

Coverage ratio = Balance in account /  Monthly Expense

3 = Balance in account /  $4,500

Balance in account = 4,500 x 3

Balance in account = $13,500

More amount required to reach the goal = $13,500 - $2,800 = $10,700

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