Question

You receive a $1,200.00 paycheck and deposit the entire amount into your bank account. Your opening balance was $300.00. What is your new balance?

A) $900.00
B) $1,000.00
C) $1,200.00
D) $1,500.00

Answer 1

After depositing a paycheck of $1,200.00 into a bank account with an opening balance of $300.00, the new balance would be $1,500.00. Correct answer is option d.

Step-by-step explanation:

When you deposit a $1,200.00 paycheck into your bank account with an opening balance of $300.00, you simply add the deposit amount to the opening balance to calculate your new balance. Therefore, your new balance will be the sum of $1,200.00 and $300.00.

To perform this calculation:

• Opening Balance = $300.00
• Paycheck amount (Deposit) = $1,200.00
• New Balance = Opening Balance + Paycheck amount

Let's add them together:

$300.00 + $1,200.00 = $1,500.00

Thus, your new balance after the deposit would be $1,500.00, which corresponds to option D in the question provided.