For this item, any answers that are not whole numbers should be entered as a decimal, rounded to the hundredths place.

Question

Nicole started the day with $63.44 in her bank account. Later in the day, Nicole's bank processed a check that Nicole mailed last week to pay her electric bill. When this happened, the bank deducted $186.56 from Nicole's balance which caused her account to be overdrawn. Before the bank closed, Nicole made a deposit equal to 1/4 the amount her account was overdrawn. What was Nicole's bank balance at the end of the day?

At the end of the day, Nicole's bank balance was
dollars.

Answer 1

To find Nicole's bank balance at the end of the day, we can follow the steps below:

1. Initial Balance: Nicole started with $63.44.

2. Deduction for Electric Bill: The bank deducted $186.56 for the check. We calculate the new balance after this deduction: \[ \text{New Balance} = 63.44 - 186.56 = -123.12 \] So, Nicole's account is overdrawn by $123.12.

3. Amount Overdrawn: The amount her account is overdrawn is $123.12.

4. Deposit Amount: Nicole made a deposit equal to 1/4 of the amount her account is overdrawn: \[ \text{Deposit} = \frac{1}{4} \times 123.12 = 30.78 \]

5. Final Balance: We add the deposit to the overdrawn amount: \[ \text{Final Balance} = -123.12 + 30.78 = -92.34 \]

Therefore, Nicole's bank balance at the end of the day was -$92.34.

The final answer is:

At the end of the day, Nicole's bank balance was -92.34 dollars.