Answer:
$5,000
Explanation:
The estimated budget of an engagement ring is the ball park figure that is spent on an engagement ring. There are various methods used to get the estimalt amount a person should spend on buying an engagement ring.
The three most popular methods are 2 month salary, average cost, and average diamond size.
Using 2 month salary method, the salary of the buyer for two months is used as budget amount.
Amount to be budgeted= (30,000÷12) * 2
Amount to be Budgeted= $5,000
Answer:
$5,000
Explanation:
If Arnie has an annual salary, that sum may be divided by 12 (the number of months in a calendar year) to get his monthly income.
The amount so determined is then multiplied by 2 if he is to follow the tradition on how much is to be spent on engagement ring.
Thus,
Arnie's monthly salary = ($30,000/12)
= $2,500
To follow tradition, amount to be spent on engagement ring
= $2,500 × 2
= $5,000
