Question

Henry deposited $420 into a savings account. There is a $5.00 per month service fee on the account. Also, Henry decides he wants to withdraw $25 a week for spending money. In how many months will Henry run out of money? A) 3 months Eliminate B) 4 months C) 5 months D) 6 months

Answer 1

equation would be 420 - 5m - 25w so the answer would be B. 4 months

Answer 2

Explanation:

Given that Henry deposited $420 into a savings account. There is a $5.00 per month service fee on the account. Also, Henry decides he wants to withdraw $25 a week for spending money.

Let us convert everything into days.

30 days a month and 7 days in a week

Service charges for 30 days = 5

withdrawn amount for 7 days = 25

Let x be the total no of days

Then
`(25x)/(7) +(5x)/(30)= 420\\\\750x+35x=420(7)(30)\\785x=420(7)(30)\\x=112.3567`

i.e. between 3 and 4 months

We can say in 3 months this will be exhausted.

Option A