Question

eli wong noticed his present balance was three times his previous balance. His withdrawls were 95% of his previous balance and his deposits were $1.60 less than his present balance. The interest posted to his account equaled to 0.5% of his previous balance. If the service charge was $5.00, what's eli's present balance?

Answer 1

Answer

Eli's present balance was $360.

Step-by-step explanation:

Suppose, Eli's previous balance was   dollar.

As his present balance was three times his previous balance, so his present balance  dollar.

His withdrawals were 95% of his previous balance, that is   dollar.

His deposits were $1.60 less than his present balance, so the amount of deposit  dollar.

The interest posted to his account equaled to 0.5% of his previous balance. So, the amount of interest  dollar.

The service charge was $5.00

So, his present balance  dollar.

Thus, the equation will be.........

So, Eli's present balance was  dollar.

Answer 2

Answer:

Eli's present balance was $360.

Step-by-step explanation:

Suppose, Eli's previous balance was  $x$ dollar.

As his present balance was three times his previous balance, so his present balance $= 3x$ dollar.

His withdrawals were 95% of his previous balance, that is  $0.95x$ dollar.

His deposits were $1.60 less than his present balance, so the amount of deposit $=(3x-1.60)$ dollar.

The interest posted to his account equaled to 0.5% of his previous balance. So, the amount of interest $=0.005x$ dollar.

The service charge was $5.00

So, his present balance $=[x-0.95x+(3x-1.60)+0.005x-5.00]$ dollar.

Thus, the equation will be.........

$3x=x-0.95x+(3x-1.60)+0.005x-5.00\\ \\ 3x=3.055x-6.60\\ \\ 3x-3.055x=-6.60\\ \\ -0.055x=-6.60\\ \\ x=\frac{-6.60}{-0.055}=120$

So, Eli's present balance was $3x=3(120)= 360$ dollar.