Question

eli wong noticed his present balance was three times his previous balance. His withdrawls were 95% of his previous balance and his deposits were $1.60 less than his present balance. The interest posted to his account equaled to 0.5% of his previous balance. If the service charge was $5.00, what's eli's present balance?

Answer 1

Eli's present balance was $360.

Explanation:

Suppose, Eli's previous balance was dollar.

As his present balance was three times his previous balance, so his present balance dollar.

His withdrawals were 95% of his previous balance, that is dollar.

His deposits were $1.60 less than his present balance, so the amount of deposit dollar.

The interest posted to his account equaled to 0.5% of his previous balance. So, the amount of interest dollar.

The service charge was $5.00

So, his present balance dollar.

Thus, the equation will be.........

So, Eli's present balance was dollar.

Answer 2

Eli's present balance was $360.

Explanation:

Suppose, Eli's previous balance was
`x` dollar.

As his present balance was three times his previous balance, so his present balance
`= 3x` dollar.

His withdrawals were 95% of his previous balance, that is
`0.95x` dollar.

His deposits were $1.60 less than his present balance, so the amount of deposit
`=(3x-1.60)` dollar.

The interest posted to his account equaled to 0.5% of his previous balance. So, the amount of interest
`=0.005x` dollar.

The service charge was $5.00

So, his present balance
`=[x-0.95x+(3x-1.60)+0.005x-5.00]` dollar.

Thus, the equation will be.........

`3x=x-0.95x+(3x-1.60)+0.005x-5.00\\ \\ 3x=3.055x-6.60\\ \\ 3x-3.055x=-6.60\\ \\ -0.055x=-6.60\\ \\ x=(-6.60)/(-0.055)=120`

So, Eli's present balance was
`3x=3(120)= 360` dollar.