Willie gets paid $1000 every two weeks and follows the same spending and saving plan unless an emergency arises. The first thing Willie does is to immediately put $350 in his savings account.

Next, using online bill pay through his bank, Willie spends about $300 on bills such as his cell phone, electricity, and rent. Willie

withdraws $150 in cash for daily expenses and leaves the remaining amount ($100) in his checking account

es

Based upon the information about Willie's spending and saving habits, which statement is TRUE?

Willie's annual household income is approximately $55,000

Willie's income is used exclusively as a medium of exchange for goods and

services

Willie operates on a 'cash only" basis, which is a very smart personal

finance decision

Willie allocates 5350 every two weeks as a store of value in his savings

account