Given:
Elizabeth has $252.00 in her account on Sunday and a table is given of her deposits and purchases over the following week.
To Find:
The day Elizabeth first gets charged an overdraft fee.
Answer:
Thursday's expenditure of $57.40 exceeds her bank balance at the time of transaction, and therefore Thursday is the day Elizabeth would first get charged with an overdraft fee.
Step-by-step explanation:
Elizabeth would first get charged with an overdraft fee when her expenditure exceeds her bank balance, i.e., the amount that is debited is more than what is in her bank account at that particular time.
So we analyse her transactions one by one.
On Sunday, we are given that she has $252.
On Monday, $114.60 is debited. So the remaining balance would be
$252 - $114.60 = $137.4
But on the same day, $150 is also credited to her account. So her balance would then be
$137.4 + $150 = $287.4
Next, on Tuesday, $79.68 is debited so the balance she is left with would be
$287.4 - $79.68 = $207.72
On Wednesday, $161.39 is debited so the balance she is left with would be
$207.72 - $161.39 = $46.33
On Thursday, $57.40 is debited so the balance she is left with would be
$46.33 - $57.40 = -$11.07
Thus, we see that Thursday's expenditure of $57.40 exceeds her bank balance and therefore Elizabeth would be charged with an overdraft fee as her bank balance after the transaction would be -$11.07.
