Your bank account balance is -$6.55. You deposit $21.75. What is your new balance? Explain how you calculated the new balance.(3 points)

Question

500 Word Limit
Question 2
The table shows the annual profits (in millions of dollars) of an online skateboard company from 2017 to 2021. Positive numbers represent gains, while negative numbers represent losses. Which statement describes the profit over the five-year period?

(1 point)
Responses

Gain of $2.3 million
Gain of $2.3 million

Loss of $2.3 million
Loss of $2.3 million
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Answer 1

Question 1: Calculating the New Balance

To find the new balance after making a deposit, we start with the current bank account balance of -$6.55 and then add the amount of the deposit, which is $21.75. The process of calculating the new balance involves basic addition, but since we are working with a negative balance, we should be cautious in understanding how the addition works with negative numbers.

Here are the steps for the calculation:

1. Start with the Initial Balance:

   • The current balance is -$6.55. This negative value indicates that the account is overdrawn by $6.55.

2. Identify the Deposit Amount:

   • The amount being deposited is $21.75, which is a positive value.

3. Perform the Calculation:

   • We combine these two amounts using addition. The operation can be thought of as adding a positive number to a negative number: \[ \text{New Balance} = -6.55 + 21.75 \]

4. Carrying Out the Addition:

   • To simplify the calculation, we can first consider how much more $21.75 is than $6.55. Because we are adding a positive amount and overcoming the overdraft of $6.55, we can compute: \[ 21.75 - 6.55 = 15.20 \] Alternatively, you can line them up and perform the addition like this:
   • Convert both numbers to have a common base (algebraically or visually): \[ -6.55 + 21.75 = (21.75 - 6.55) = 15.20 \]

5. Final Result:

   • Therefore, the new balance after depositing $21.75 into an account that previously had -$6.55 is $15.20.

In conclusion, the new balance in your bank account after depositing $21.75, starting from -$6.55, is $15.20. This transition from a negative balance to a positive one demonstrates that the account is now back in the positive, reflecting an overall increase in funds.

Question 2: Analyzing the Profit Table

In analyzing the annual profits (or losses) of the online skateboard company from 2017 to 2021, we need to look at the total balance of profits over the years.

1. Understanding Gains and Losses:

   • Positive values indicate profits, while negative values signify losses. By summing all the values over the five years, we can determine whether the overall performance was a gain or a loss.

2. Summing the Total Profits:

   • Assume we have specific profit figures for each year, for example:
     • 2017: +$5 million
     • 2018: +$3 million
     • 2019: -$1 million
     • 2020: -$2 million
     • 2021: +$2 million

   To find the overall profit, we would add these numbers: \[ 5 + 3 - 1 - 2 + 2 = 7 \]

3. Calculating the Overall Performance:

   • If we were given specific numbers that collectively sum to $2.3 million (either a profit or a loss), we can determine the outcome:
   • Gaining $2.3 million would mean the company ended on a positive note, while a loss of $2.3 million would indicate an overall decline in performance.

4. Final Conclusion:

   • Based on the results from the sum, if the figures indicate an overall increase (i.e., the total profits are positive after all calculations), then the statement "Gain of $2.3 million" would be accurate. Conversely, if the figures resulted in a net decrease, the statement "Loss of $2.3 million" would be accurate.

In summary, to determine the overall profit for the five-year period, we need to carefully sum the annual profits and losses, leading to a conclusion of whether there was a net gain or loss for the company.