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2 answers:
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Solution:
1. Account balance of customer= $ 1,000
Interest earned in checking account= 0.75%
Financial charge= $ 2
So, income earned in one month on the checking account
= 0.75% of 1,000 - $ 2
Option (B) $ 5.50
2. Checking account earnings at Baker’s Bank (I) = -0.09 x + 10.2
The earnings at Elite Bank are modeled by: I = -0.02 x + 7.5
The number of checks when Elite Bank start generating more checking account income than Baker's Bank is given by inequality,
→→ -0.02 x +7.5 > -0.09 x +10.2
→→ -0.02 x + 0.09 x > 10.2 - 7.5
→→0.07 x > 2.7
→→
So, the number of checks should be a whole number.
So, when number of checks = 39,→→Option (C) Elite Bank will start generating more checking account income than Baker's Bank.
3. Total amount in Emilio's checking account at the end of the week=( Beginning Balance= $ 728.32) -[4 Checks=( 99.48 +33.50 +18.23 +72.05)]+ $ 1109.90(Paycheck amount)
= 1109.90 + 728.32 - 223.26
= $1614.96 →→ Option (D)