Question

Martez has $5000 in his savings account. He plans on withdrawing $250 each month to help pay back his credit card debt. He has to make sure his savings account maintains a minimum balance of $1000 or else his bank will penalize him. How many months can he withdraw money before he is at risk of the penalty?Martez can withdraw money from his savings for up to --------. Can martez withdraw money for 17 months? Type YES or NO .How much money will martez have left in his savings after 12 months?

Answer 1

15 months. He can't take money for 17 months without being penalized by the bank

1) Gathering the data

$5000

$250 withdrawals per month

Minimum: $1000

2) Let's write an inequality for that, and then solve it for x:

5000 -250x > 1000 Subtract 5000 from both sides

-250x> 1000 -5000

-250x > -4000 Divide both sides by -250, what swaps the > to <

x < 16

3) So Martez can withdraw money from his savings for up to 15 months, because:

5000- 250(15) = 1250 v

5000 -250(16) = 1000 X

5000 -250(17) = 750 X

No. He can't take money for 17 months without being penalized by the bank