Asked by Anonymous
Jacob opens a savings account on Jan 1 with a deposit of $250. Every other week $25 is deposited. The bank charges $3 for a processing fee monthly. How much will he have at the end of the year?
Answers
Answered by
Reiny
If he kept his money at home in a coffee jar he would have
250 + 25(26) = $900
If he keeps it at this "bank" which pays no interest but charges you to deposit your money with them, you would have
250 + 25(26) - 12(3) = $864
250 + 25(26) = $900
If he keeps it at this "bank" which pays no interest but charges you to deposit your money with them, you would have
250 + 25(26) - 12(3) = $864
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