Question

The time has come for you to open a checking account. A local bank is offering you afree checking account if you maintain a minimum balance of $200. You already havea savings account with this bank and you have $60 saved. You decide to keep savingmoney until you have enough to open a checking account, plus keep some moneyin savings. If you deposit $15 a week into the savings account, what is the minimumnumber of weeks it will take for you to be able to open a checking account with at least$200 and still have $25 in your savings account?

Answer 1

11 weeks

Step-by-step explanation:

The minimum balance for the checking account = $200

The amount in savings account = $60

Amount to be deposited weekly in order to meet up the $200 = $15

Amount to be left in savings account = $25

First, we would subtract $25 from $60

$60 - $25 = $35

This way $25 remains in the savings account

The $35 dollar is the starting amout for the contribution for the $200 checking account minimum.

To determine, the remaining money to be paid:

$200 - $35 = $165

Number of weeks to contribute $15 to make of $165:

= 165/15 = 11 weeks

Therefore, the minimum amount of weeks that it will take to open a checking account with at least $200 and still have $25 in your savings account is 11 weeks