Question

Jack just opened a checking account at the bank. Within the first month, he deposited three checks for $34.98, $51.02, and $51.22. He withdrew $3.23 for new pencils, $4.22 for cards, and $9.79 for movies from his account in the same month.(c) At the beginning of the month Jack’s balance was $98. What was his balance at the end of the month after all of his deposits and withdrawals? please explain

Answer 1

$217.98.

First, add the beginning balance of $98 to each of the deposits ($34.98, $51.02, $51.22) to get $235.22.

Next, subtract each of the withdrawals ($3.23, $4.22, $9.79) from this total to get the ending balance of $217.98.

Here, it's important to understand which amounts are withdrawals and which are deposits. Classifying the amounts correctly will tell you to subtract withdrawals and add deposits to the beginning balance. This ending balance will become your beginning balance for the next month.