Answer :
Let's follow the transactions day by day and keep track of Anna's balance to find out which days, if any, she incurs an overdraft fee.
#### Initial Balance on Sunday:
Anna starts with \[tex]$274.00. #### Monday: - Debits: \$[/tex]194.62
- Credits: \[tex]$35.00 - Balance Calculation: \[ \text{Balance on Monday} = 274.00 - 194.62 + 35.00 = 114.38 \] Anna’s balance at the end of Monday is \$[/tex]114.38.
#### Tuesday:
- Debits: \[tex]$0.00 - Credits: \$[/tex]11.00
- Balance Calculation:
[tex]\[ \text{Balance on Tuesday} = 114.38 + 11.00 = 125.38 \][/tex]
Anna’s balance at the end of Tuesday is \[tex]$125.38. #### Wednesday: - Debits: \$[/tex]145.86
- Credits: \[tex]$24.00 - Balance Calculation: \[ \text{Balance on Wednesday} = 125.38 - 145.86 + 24.00 = 3.52 \] Anna’s balance at the end of Wednesday is \$[/tex]3.52.
#### Thursday:
- Debits: \[tex]$53.35 - Credits: \$[/tex]33.00
- Balance Calculation:
[tex]\[ \text{Balance on Thursday} = 3.52 - 53.35 + 33.00 = -16.83 \][/tex]
Anna’s balance at the end of Thursday is [tex]\(-\$16.83\)[/tex].
#### Friday:
- Debits: \[tex]$31.60 - Credits: \$[/tex]45.00
- Balance Calculation:
[tex]\[ \text{Balance on Friday} = -16.83 - 31.60 + 45.00 = -3.43 \][/tex]
Anna’s balance at the end of Friday is [tex]\(-\$3.43\)[/tex].
#### Saturday:
- Debits: \[tex]$12.90 - Credits: \$[/tex]61.00
- Balance Calculation:
[tex]\[ \text{Balance on Saturday} = -3.43 - 12.90 + 61.00 = 44.67 \][/tex]
Anna’s balance at the end of Saturday is \[tex]$44.67. #### Overdraft Fees: - To determine on which days Anna is charged an overdraft fee, we need to check when her balance goes negative. - On Thursday, the balance is \(-\$[/tex]16.83\), so she gets an overdraft fee.
- On Friday, the balance is [tex]\(-\$3.43\)[/tex], so she gets an overdraft fee.
Thus, Anna is charged an overdraft fee on:
II. Thursday
III. Friday
Answer:
b. II and III
#### Initial Balance on Sunday:
Anna starts with \[tex]$274.00. #### Monday: - Debits: \$[/tex]194.62
- Credits: \[tex]$35.00 - Balance Calculation: \[ \text{Balance on Monday} = 274.00 - 194.62 + 35.00 = 114.38 \] Anna’s balance at the end of Monday is \$[/tex]114.38.
#### Tuesday:
- Debits: \[tex]$0.00 - Credits: \$[/tex]11.00
- Balance Calculation:
[tex]\[ \text{Balance on Tuesday} = 114.38 + 11.00 = 125.38 \][/tex]
Anna’s balance at the end of Tuesday is \[tex]$125.38. #### Wednesday: - Debits: \$[/tex]145.86
- Credits: \[tex]$24.00 - Balance Calculation: \[ \text{Balance on Wednesday} = 125.38 - 145.86 + 24.00 = 3.52 \] Anna’s balance at the end of Wednesday is \$[/tex]3.52.
#### Thursday:
- Debits: \[tex]$53.35 - Credits: \$[/tex]33.00
- Balance Calculation:
[tex]\[ \text{Balance on Thursday} = 3.52 - 53.35 + 33.00 = -16.83 \][/tex]
Anna’s balance at the end of Thursday is [tex]\(-\$16.83\)[/tex].
#### Friday:
- Debits: \[tex]$31.60 - Credits: \$[/tex]45.00
- Balance Calculation:
[tex]\[ \text{Balance on Friday} = -16.83 - 31.60 + 45.00 = -3.43 \][/tex]
Anna’s balance at the end of Friday is [tex]\(-\$3.43\)[/tex].
#### Saturday:
- Debits: \[tex]$12.90 - Credits: \$[/tex]61.00
- Balance Calculation:
[tex]\[ \text{Balance on Saturday} = -3.43 - 12.90 + 61.00 = 44.67 \][/tex]
Anna’s balance at the end of Saturday is \[tex]$44.67. #### Overdraft Fees: - To determine on which days Anna is charged an overdraft fee, we need to check when her balance goes negative. - On Thursday, the balance is \(-\$[/tex]16.83\), so she gets an overdraft fee.
- On Friday, the balance is [tex]\(-\$3.43\)[/tex], so she gets an overdraft fee.
Thus, Anna is charged an overdraft fee on:
II. Thursday
III. Friday
Answer:
b. II and III
