Problema Solution
Bill Smith has a money market account that showed a beginning balance of $20,578.85. For the month, the account earned interest of $103.81. During the month, Bill wrote checks from the account for $454.80 and $4,885.34. He is allowed to write up to three checks per month from this account. What is the correct balance of the account?
Answer provided by our tutors
we subtract the amount of each check, add the interest and ignore as irrelevant the limitation on the number of checks per month since he wrote less than 3
20578.85 - 454.80 - 4885.34 + 103.81 = 15342.52
the correct balance of his account is $15,342.52