Question

Henry deposited $420 into his 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 he run out of money?

Answer 1

Your answer is four hundred fifty.

Answer 2

The answer is 4 months

Explanation:

We consider the months is 4 weeks and the service fee will be discounted every 4 week.

Spent of each months will be ( 25*4)+5

S=105

To see how many months will last, we divide all the money we have by the amount we are going yo spend.

T=420/105=4

We also can make a table, discounting every week the amount of withdraw and service.

Withdraw/Bank cost/ Balance

$420

Week 1 $25 $5 $390

Week 2 $25 $365

Week 3 $25 $340

Week 4 $25 $315

Week 5 $25 $5 $285

Week 6 $25 $260

Week 7 $25 $235

Week 8 $25 $210

Week 9 $25 $5 $180

Week 10 $25 $155

Week 11 $25 $130

Week 12 $25 $105

Week 13 $25 $5 $75

Week 14 $25 $50

Week 15 $25 $25

Week 16 $25 $0