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Deposits

SECTION 4-1. pp. 166-168. Deposits. Compute: total checking account deposit. Section Objective. Key Words to Know. deposit (p. 166) Money put into a bank account. automatic teller machine (ATM) (p. 166)

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Deposits

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  1. SECTION 4-1 pp. 166-168 Deposits

  2. Compute: total checking account deposit Section Objective

  3. Key Words to Know deposit (p. 166) Money put into a bank account. automatic teller machine (ATM) (p. 166) A bank machine that allows you to deposit or withdraw money electronically using a card.

  4. Key Words to Know personal identification number (PIN) (p. 166) A personal number on a bankcard that gives you access to your bank account electronically.

  5. Formula Total Deposit = (Currency + Coin + Checks) – Cash Received

  6. Fleet Footed Finances p. 166 What’s the purpose of a deposit slip?

  7. Example 1 Margaret Miller makes a deposit at an ATM. She has a check for $235.42 and a check for $55.47. She would like to receive $40 in cash and deposit the rest in her checking account. What is her total deposit?

  8. Example 1 Answer Step: Compute the total checking account deposit. (Currency + Coin + Checks) –Cash Received ($235.42 + $55.47) – $40.00 = $250.89

  9. Example 2 Manuel Romeo has checks for $435.20, $271.19, and $327.96. He has cash consisting of 15 one-dollar bills, 7 five-dollar bills, 3 ten-dollar bills, 24 quarters, 5 dimes, 15 nickels, and 14 pennies. He would like to keep $75 in cash. What is his total deposit?

  10. Example 2 Answer Step: Compute the total deposit. Currency: $15 + (7 ×$5) + (3 ×$10) = $80 Coins: (24 ×$0.25) + (5 ×$0.10) + (15 ×$0.05) + $0.14 = $7.39 Checks: $435.20 + $271.19 + $327.96 = $1,034.35 ($80 + $7.39 + $1,034.35) – $75 = $1,046.74

  11. Practice 1 Find the total deposit. $82.63 + $14.28 + $155

  12. Practice 1 Answer $251.91

  13. Practice 2 Checks: $426.19 and $827.43 Cash: 24 one-dollar bills, 8 five-dollar bills, and 11 ten-dollar bills Coins: 18 quarters, 52 dimes, 57 nickels, and 15 pennies.

  14. Practice 2 Answer $1,440.32

  15. END OF SECTION 4-1 Deposits

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