80 likes | 298 Views
SECTION. 5-1. pp. 196-198. Deposits. Key Words to Know. savings account (p. 196) A special bank account for storing money for future use. deposit (p. 196) Money put into a bank account. Formula. Total Deposit = (Currency + Coins + Checks) – Cash Received. Example 1.
E N D
SECTION 5-1 pp. 196-198 Deposits
Key Words to Know savings account (p. 196) A special bank account for storing money for future use. deposit (p. 196) Money put into a bank account.
Formula Total Deposit = (Currency + Coins + Checks) – Cash Received
Example 1 Joem Omma has a check for $145.58 and a check for $47.51. He also has 14 one-dollar bills. He would like to receive $20 in cash and deposit the rest of the money in his savings account. What is the total deposit?
Example 1 Answer Step: Compute the total deposit. (Currency + Coins + Checks) – Cash Received ($14.00 + $145.58 + $47.51) – $20.00 = $207.09 – $20.00 = $187.09
Example 2 Bobby wants to deposit the following into his savings account: 28 one-dollar bills, 8 five-dollar bills, 24 quarters, 35 dimes, 90 pennies, a check for $29.34, and a check for $124.19. He wants to receive a fifty-dollar bill in cash. How much will he deposit?
Example 2 Answer Step: Compute the total deposit. Currency: $28 + (8 ×$5) = $28 + $40 = $68 Coins: (24 ×$0.25) + (35 ×$0.10) + $0.90 = $6.00 + $3.50 = 0.90 = $10.40 Total deposit: $68.00 + $10.40 + $29.34 +$124.19 – $50.00 = $181.93
197-198: 3-25 END OF SECTION 5-1 Deposits