You have $70 in an online checking account that you have forgotten about. The bank charges you a 1.75% service fee per month. What will this account shrink to after 8 months?

Question

Tiana

Mathematics

16 March, 14:47

You have $70 in an online checking account that you have forgotten about. The bank charges you a 1.75% service fee per month. What will this account shrink to after 8 months?

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Answers (2)

Know the Answer?

Mckinley Horton · Answer 1

Mckinley Horton 16 March, 14:58

0

It should be 60.20 dollars

Nathan Herrera · Answer 2

Answer:the amount that the account will shrink to after 8 months is $60.2

Step-by-step explanation:

The amount of money that you were having in the account is $70. You forgot about the money and the bank charges you a 1.75% service fee per month. This means that the amount of money that the bank charged as service fee per month wold be

1.75/100 * 70 = 0.0175 * 70 = $1.225

Therefore, the total amount of service fee charged by the bank for 8 months would be

8 * 1.225 = $9.8

Therefore, the amount that the account will shrink to after 8 months becomes

70 - 9.8 = $60.2