Question

Mike had a balance of $175 in his bank account at the start of the week.He withdrew $65.00 on Monday, $43.25 on Wednesday, and $56.45 on Thursday.On Friday he deposited $165.30.

1.At the end of the week, does Mike have more or less money in his savings account than he had at the beginning of the week?
2.How much more or less?
3.Show all of your work to support your answers.

Answer 1

1. Mike has more money in his savings account than he had at the beginning of he week

2. $0.6 more

3. Current Balance is $175 + $165.30 - $164.7 = $175.6

Explanation:

The question is of the format of a word problem, hence we have;

Initial balance in Mike's bank account = $175

Withdrawal on Monday = $65.00

Withdrawal on Wednesday = $43.25

Withdrawal on Thursday = $56.45

Deposit on Friday = $165.30

Total withdrawal = $164.7

Therefore we have;

Current Balance = Initial balance + total deposit - total withdrawal

∴ Current Balance = $175 + $165.30 - $164.7 = $175.6

1. Therefore, based on the above calculations, Mike has more money in his savings account than he had at the beginning of he week

2. Mike has $0.6 more.

3. Current Balance = Initial balance + total deposit - total withdrawal

∴ Current Balance = $175 + $165.30 - $164.7 = $175.6.