Question

On the first day of the month, the balance in your bank account was $2,348.36. On the last day of the month, the balance was $1,836.72. What is the relative change of the bank balance over the course of the month

Answer 1

The relative change in the bank balance, which was initially $2,348.36 and then $1,836.72 at the end of the month, is calculated by finding the difference, dividing it by the initial balance, and multiplying by 100. This results in approximately a -21.8% change.

Step-by-step explanation:

Calculating Relative Change

To calculate the relative change in the bank balance over the course of the month, we need to follow these steps:

Find the difference between the final balance and the initial balance.

Divide the difference by the initial balance.

Multiply the result by 100 to get the percentage change.

The initial balance was $2,348.36, and the final balance was $1,836.72.

Difference = Final Balance - Initial Balance

= $1,836.72 - $2,348.36

= -$511.64

Now, divide this difference by the initial balance:

Relative Change = ($511.64 / $2,348.36) * 100

The relative change in the bank balance is approximately -21.8% over the month.