Mitchell has a balance of $1,200 in his First State Bank checking account. He deposits a $387.89 paycheck, a $437.12 dividend check, and a personal check for $250 into his account. He wants to receive $400 in cash. How much will he have in his account after the transaction?

To find out how much Mitchell will have in his account after the transaction, we need to perform the following steps:

1. **Initial balance**: $1,200
2. **Deposits**:
   - Paycheck: $387.89
   - Dividend check: $437.12
   - Personal check: $250

3. **Total deposits**:
   \[
   387.89 + 437.12 + 250 = 1,075.01
   \]

4. **Total balance after deposits**:
   \[
   1,200 + 1,075.01 = 2,275.01
   \]

5. **Cash withdrawal**:
   - Mitchell wants $400 in cash.

6. **Final balance after cash withdrawal**:
   \[
   2,275.01 - 400 = 1,875.01
   \]

Thus, Mitchell will have **$1,875.01** in his account after the transaction.

Would you like more details or have any questions?

Here are 5 relative questions to explore:
1. What is the role of deposits and withdrawals in managing a checking account balance?
2. How can interest impact the balance in a checking account over time?
3. What would happen if Mitchell had insufficient funds for the cash withdrawal?
4. How can tracking your balance help prevent overdrafts?
5. What are the differences between a checking and a savings account?

**Tip**: Always keep track of your deposits and withdrawals to maintain a clear understanding of your account balance!

Learn how to calculate the account balance after deposits and a cash withdrawal using basic arithmetic. This problem involves adding deposits and subtracting a withdrawal from an initial balance. Suitable for general audiences interested in managing checking account balances.

Math Problem Statement

Solution

Ask a new question for Free

By Image

Math Problem Analysis

Mathematical Concepts

Formulas

Theorems

Suitable Grade Level

Related Recommendation