Question

You have $70 in an online checking account that you have forgotten about. The bank charges you a 1.75% service fee per month. What will this account shrink to after 8 months?

Answer 1

Answer:the amount that the account will shrink to after 8 months is $60.2

Step-by-step explanation:

The amount of money that you were having in the account is $70. You forgot about the money and the bank charges you a 1.75% service fee per month. This means that the amount of money that the bank charged as service fee per month wold be

1.75/100 × 70 = 0.0175 × 70 = $1.225

Therefore, the total amount of service fee charged by the bank for 8 months would be

8 × 1.225 = $9.8

Therefore, the amount that the account will shrink to after 8 months becomes

70 - 9.8 = $60.2

Answer 2

It should be 60.20 dollars