Final answer:
Elizabeth first gets charged an overdraft fee on 1) Wednesday.
Step-by-step explanation:
The question asks about the day on which Elizabeth first gets charged an overdraft fee. To answer this, we need to understand what an overdraft is. An overdraft is when someone spends more money than they have available in their bank account, resulting in a negative balance. In this case, Elizabeth will be charged an overdraft fee when her credit card payment is late and remains unpaid. The information provided states that the credit card company charges $10 when a payment is late and $5 a day each day the payment remains unpaid.
Let's say Elizabeth has a credit card payment due on a Monday, and she fails to make the payment. Since she didn't pay on time, she will be charged $10 as a late fee. If she still doesn't make the payment the next day (Tuesday), she will be charged an additional $5 for that day. So, on Wednesday, she will accumulate a total of $15 in fees ($10 for being late and $5 for one day of remaining unpaid). This makes Wednesday the day on which Elizabeth first gets charged an overdraft fee.
Therefore, the correct answer is 1) Wednesday.