Idil’s monthly bank statement showed the following deposits and withdrawals:
$27.77,-$45.07, $96.07, $26.96,-$66.76
If Idil’s balance in the account was $13.78 at the beginning of the month, what was the account balance at the end of the month?
The correct answer and explanation is:
To calculate Idil’s account balance at the end of the month, we need to account for the deposits and withdrawals. The formula to find the ending balance is:
Ending Balance = Starting Balance + Deposits – Withdrawals
Starting with the provided information:
- Starting Balance: $13.78
- Deposits: $27.77, $96.07
- Withdrawals: -$45.07, -$66.76
Now, let’s break it down step by step:
Step 1: Add the deposits
Deposits are positive amounts, so we add them to the starting balance:
$13.78 (starting balance) + $27.77 (deposit) = $41.55
$41.55 + $96.07 (deposit) = $137.62
Step 2: Subtract the withdrawals
Withdrawals are negative amounts, so we subtract them from the balance:
$137.62 – $45.07 (withdrawal) = $92.55
$92.55 – $66.76 (withdrawal) = $25.79
Final Calculation:
At the end of the month, Idil’s account balance is $25.79.
Explanation:
In this problem, we are working with basic arithmetic to adjust the balance based on deposits and withdrawals. Each deposit adds to the account balance, while each withdrawal subtracts from it. By carefully adding and subtracting each transaction, we can determine the final balance at the end of the month.
Idil’s account balance started at $13.78. After receiving two deposits totaling $123.84 ($27.77 + $96.07), the balance increased to $137.62. Then, the withdrawals ($45.07 and $66.76) reduced this balance by a total of $111.83, leaving Idil with a final balance of $25.79.