Question

Jeremy had a starting balance of $122.00 in his savings passbook. He made these transactions: Deposits of $68.52 and $46.35; Withdrawals of $95.00 and $20.50; Interest $1.50. What is his final balance?

Answer 1

Answer:

Final balance                                         $ 123.87

Explanation:

Opening balance                                                      $ 122.00

Deposits made                            $ 68.52

                                                    $  46.35

Total deposits                                                           $ 114.87

Withdrawals made                      $ 95.00

                                                    $ 20.50

Total withdrawals                                                      $(115.50)                                                                            

Adjusted balance                                                       $ 121.37

Interest                                                                        $    1.50      

Final balance                                                             $ 123.87            

Answer 2

Answer:

$122.87

Explanation

Final balance = initial balance + deposits + interest - Withdrawals

Therefore,

Given that

Initial balance = 122.00

Deposit = 68.52 + 46.35 = 114.87

Interest = 1.50

Withdrawals = 95.00 + 20.50 = 115.50

Thus,

Final balance = 122.00 + 114.87 + 1.50 - 115.50

= 238.37 - 115.50

= 122.87

Final balance = $122.87