Answer:
Eli's present balance was $360.
Step-by-step explanation:
Suppose, Eli's previous balance was [tex]x[/tex] dollar.
As his present balance was three times his previous balance, so his present balance [tex]= 3x[/tex] dollar.
His withdrawals were 95% of his previous balance, that is [tex]0.95x[/tex] dollar.
His deposits were $1.60 less than his present balance, so the amount of deposit [tex]=(3x-1.60)[/tex] dollar.
The interest posted to his account equaled to 0.5% of his previous balance. So, the amount of interest [tex]=0.005x[/tex] dollar.
The service charge was $5.00
So, his present balance [tex]=[x-0.95x+(3x-1.60)+0.005x-5.00][/tex] dollar.
Thus, the equation will be.........
[tex]3x=x-0.95x+(3x-1.60)+0.005x-5.00\\ \\ 3x=3.055x-6.60\\ \\ 3x-3.055x=-6.60\\ \\ -0.055x=-6.60\\ \\ x=\frac{-6.60}{-0.055}=120[/tex]
So, Eli's present balance was [tex]3x=3(120)= 360[/tex] dollar.
Answer
Eli's present balance was $360.
Step-by-step explanation:
Suppose, Eli's previous balance was dollar.
As his present balance was three times his previous balance, so his present balance dollar.
His withdrawals were 95% of his previous balance, that is dollar.
His deposits were $1.60 less than his present balance, so the amount of deposit dollar.
The interest posted to his account equaled to 0.5% of his previous balance. So, the amount of interest dollar.
The service charge was $5.00
So, his present balance dollar.
Thus, the equation will be.........
So, Eli's present balance was dollar.
