Question

5. Jennie needs to determine how much money she will have in her bank account after 6 months, if twice a month she has a deposit of $500.00 into her account, and she spends $450 every month on living expenses. Jennie's bank account currently has a balance of $110.00. Write an equation and use it to find the balance of Jennie's bank account after 6 months. Show all work and explain each step.

Answer 1

Explanation:

Let's start by figuring out how many deposits Jennie will make over the 6 month period. Since she receives two deposits per month, she will receive a total of 2 x 6 = 12 deposits.

Next, let's calculate how much money she will receive from these deposits. Each deposit is for $500, so over 12 deposits she will receive a total of 12 x $500 = $6000.

Now we need to figure out how much money Jennie will spend on living expenses over the 6 month period. She spends $450 every month, so over 6 months she will spend 6 x $450 = $2700.

To find the balance of Jennie's bank account after 6 months, we can use the following equation:

Balance after 6 months = starting balance + total deposits - total living expenses

Plugging in the values we calculated earlier, we get:

Balance after 6 months = $110 + $6000 - $2700

Balance after 6 months = $4400

Therefore, Jennie will have a balance of $4400 in her bank account after 6 months.