Business, 29.01.2020 19:49 ijohnh14

Ted is looking over his spending pattern for the past week to try to determine how much money he had on sunday. this is ted's spending pattern: day debit ($) credit ($) monday 112 tuesday 141 18 wednesday 56 thursday 28 70 friday 22 42 saturday 16 88 if the bank charges ted an overdraft fee of $25 every time he overdraws his account, and ted overdrew his account on wednesday but not on friday, which of the following is a possible amount of money that ted could have had in his account last sunday? assume that the only debits and credits not listed are overdraft fees. a. $300 b. $280 c. $240 d. $200

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Answer from: xxcecccc

b. $280

Explanation:

Where the debits represent withdrawals and the credits represents deposits to Ted's account,

Let the balance in Ted's account as at Sunday be x

We then proceed to determine the net of all transactions that occurred in Ted's account as follows;

On Monday, Dr 112 Cr ---

Balance as at end of Monday

= X - 112

On Tuesday, Dr 141 Cr 18

Balance as at end of Tuesday

= X - 112 - 141 + 18

= X - 235

On Wednesday, Dr 56 Cr --- and overdraft fee Dr 25

Balance as at end of Wednesday

= X - 235 - 56 - 25

= X - 316

On Thursday Dr 28 Cr 70

Balance as at end of Thursday

= X - 316 - 28 + 70

= X - 274

On Friday, Dr 22 Cr 42

Balance as at end of Friday

= X - 274 - 22 + 42

= X - 254

Given that he overdrew his account on Wednesday but not on Friday,

If X = 300

Balance as at end of Wednesday (without overdraft fee)

= 300 - 235 - 56

= 9

This does not put the account in overdraft hence option A is not correct

If X = 280

Balance as at end of Wednesday (without overdraft fee)

= 280 - 235 - 56

= -11

The account is in overdraft and will also be for options C and D

Considering that the account was not overdraw as at Friday, substitute options B, C and D into the value of X for Friday

Where X = 280, 240 , 220

Balance as at end of Friday = X - 254

280 - 254 = 26

240 - 254 = -14

200 - 254 = -54

From the above, the account is not overdraw on Friday only when the amount is $ 280.

Answer from: kivking12

If the bank charges Ted an overdraft fee of $25 every time he overdraws his account, and Ted overdrew his account on Wednesday but not on Friday, which of the following is a possible amount of money that Ted could have had in his account last Sunday? Assume that the only debits and credits not listed are overdraft fees

The answer is b.0 $280

Answer from: Quest

explanation:

Answer from: Quest

answer; (10%) commission;

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