Question

At the end of each month, Camille received a statement showing the balance of her savings account.
Camille's savings account balance
Month Amount
April $682
May $681
June $687
July $686
August $694
According to the table, what was the rate of change between April and July?
Round your answer to the nearest cent.
$
permonth

Answer 1

To find the rate of change in Camille's savings account balance between April and July, we use the formula for rate of change:

\[
\text{Rate of Change} = \frac{\text{Change in Balance}}{\text{Change in Time}}
\]

First, we need to identify the balance at the beginning (April) and at the end (July):

- Balance in April: $682
- Balance in July: $686

Now we calculate the change in balance:

\[
\text{Change in Balance} = \text{Balance in July} - \text{Balance in April} = 686 - 682 = 4
\]

Next, we find the change in time. From April to July is 3 months:

\[
\text{Change in Time} = 3 \text{ months}
\]

Now we can calculate the rate of change:

\[
\text{Rate of Change} = \frac{4}{3} \approx 1.3333
\]

Rounding this to the nearest cent gives us approximately:

\[
1.33
\]

Therefore, the rate of change between April and July is **$1.33 per month**.