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Many bank accounts never go below zero. But some banks will allow a negative balance, at least for a short time, called an overdraft. It means someone has taken out, or 'drafted', more money than was in the account to begin with. Khalil's account has gone into overdraft. His balance is . To get back to a positive balance, he plans to deposit money at a steady rate of per week. How much will be in his account after weeks?Answer:
Full solution
Q. Many bank accounts never go below zero. But some banks will allow a negative balance, at least for a short time, called an overdraft. It means someone has taken out, or 'drafted', more money than was in the account to begin with. Khalil's account has gone into overdraft. His balance is . To get back to a positive balance, he plans to deposit money at a steady rate of per week. How much will be in his account after weeks?Answer:
- Identify Balance and Deposit: Identify the initial balance and the weekly deposit amount.Initial balance (negative) = -\$40.59 ight)\(\newlineWeekly deposit amount = \$\$31.02\)
- Calculate Total Deposit: Calculate the total amount deposited after \(5\) weeks.\(\newline\)Total deposit after \(5\) weeks = Weekly deposit amount \(\times\) Number of weeks\(\newline\)Total deposit after \(5\) weeks = \(\$31.02 \times 5\)
- Perform Calculation: Perform the calculation for the total deposit after \(5\) weeks.\(\newline\)Total deposit after \(5\) weeks = \(\$31.02 \times 5 = \$155.10\)
- Calculate New Balance: Calculate the new balance after the total deposit is added to the initial balance.\(\newline\)New balance = Initial balance + Total deposit after \(5\) weeks\(\newline\)New balance = \(-\$40.59 + \$155.10\)
- Perform Calculation: Perform the calculation for the new balance.\(\newline\)New balance = \(-\$40.59\) + \(\$155.10\) = \(\$114.51\)
