Answer:
Peter withdrew $47.27 and deposited $598, increasing his balance by $550.73
Explanation:
If you find the original balance of Peter's bank account, it is zero. (as shown below)
550.73 - 598 = -47.27
-47.27 + 47.27 = 0
Peter takes away $47.27 from zero, which makes it negative. Then, he deposits $598, which would increase Peter's bank account from $0 to $550.73