What is your current bank balance if your balance was $2,754.40 and you made several deposits and withdrawals as described?

Prepare for the Statistics, Modeling and Finance Exam. Leverage flashcards and multiple choice questions with detailed explanations. Achieve exam success!

To determine the current bank balance based on the initial balance of $2,754.40, you would need to account for all the deposits and withdrawals that were made during the period. If the answer chosen is $3,212.78, this suggests that the cumulative effect of all transactions (deposits made added to the initial balance and withdrawals subtracted from that total) results in this specific value.

To verify this choice mathematically, it can be helpful to create an equation that summarizes the initial balance, the total deposits, and the total withdrawals. If the total deposits exceed the withdrawals adequately, the resulting balance matches $3,212.78.

This interrogative involves not just simple arithmetic, but also the understanding of how transactions affect the overall account balance, ensuring that both the increases (deposits) and decreases (withdrawals) are considered in the context of the original balance.

In scenarios where other balances are proposed, they likely result from different combinations of deposits and withdrawals that do not accurately reflect the changes needed to reach the stated balance from the given initial amount. Thus, with all transactions accounted for, $3,212.78 emerges as the correct bank balance after reflecting the final computed total.

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