Question

Emilio's savings account had a balance of $621.96 at the end of July. During August, he made three savings account deposits of $83.11, $52.89, and $307.84 and one withdrawal of $129.00. At the end of August his account earned $11.50 in interest. Will Emilio meet his savings account goal of $1,000 by September 1st?

A
Yes, and he will have $51.70 more than expected.

B
No, and he would still need $51.70.

C
Yes, and he will have $77.30 more than expected.

D
No, and he would still need $77.30.

Answer 1

B. He would still need 51.50

Explanation:

First I added up all the deposits Emilio made

so: 621.96+83.11+52.89+307.84=1065.8

then i subtract 129 from the total (1065.8)

which equals 936.8 and I add the 11.5 interest.

which equals 948.3 which is 51.70 less than 1000. Therefore, Emilio still need 51.70 in order to meet his saving accounts goal.