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anonymous

  • one year ago

A college student is looking at her monthly checking account records. On September 1, 2008, her checking account held a balance of $1,050. At the end of March 2009, her checking account held a balance of $800. What is the monthly rate of change for the student’s checking account over the period September 1, 2008 through March 31, 2009? help please

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  1. anonymous
    • one year ago
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    $250

  2. anonymous
    • one year ago
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    i thought so . thanks

  3. anonymous
    • one year ago
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    wait no thats wrong ...

  4. Jack1
    • one year ago
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    monthly charge 1st: how many months between Sept 1 2008 and March 31 2009?

  5. anonymous
    • one year ago
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    6

  6. Jack1
    • one year ago
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    yeah, but 7 including sept and march

  7. Jack1
    • one year ago
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    sept oct nov dec jan feb mar

  8. Jack1
    • one year ago
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    so initial balance was 1050 and final balance was 800 so amount lost is??

  9. anonymous
    • one year ago
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    oh okay

  10. Jack1
    • one year ago
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    all good ;)

  11. anonymous
    • one year ago
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    but when i answered that it said i was wrong

  12. Jack1
    • one year ago
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    yep, but it wants the answer as a monthly amount so $250 total lost in 7 months = 250/7 per month = about $35.71/month

  13. Jack1
    • one year ago
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    is that what you got before?

  14. anonymous
    • one year ago
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    yes

  15. Jack1
    • one year ago
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    ok, so the answer isn't linear then 35.71 is based on a fixed rate of change per month so lets try a % based answer

  16. Jack1
    • one year ago
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    so A = P (1+rt) Amount (A) = Principal (P) ( 1 + Rate(r) x Time (t) ) have u used this formula before?

  17. Jack1
    • one year ago
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    800 = 1050 (1 + 7r) 800/1050 = (1 + 7r) r = -0.034 per month as a percentage = -3.4% per month

  18. anonymous
    • one year ago
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    no i havent. but nevermind. thank you though, i appreciate your kindness ...

  19. Jack1
    • one year ago
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    k sorry

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