UNSOLVED QUESTION

Question

Three banks have different charges for cash deposits:

Bank A: $3.75 plus 1.10% of the value deposited (no maximum charge)

Bank B: Charges $0.58 for every $100 or part of $100 deposited

Bank C: Charge $1.15 for every $100 or part of $100 deposited) 

Calculate 1.1% of: $550 $986

Calculate the bank charges of bank B for a deposit of: $96 $345 $525.90

What does bank C charge for a deposit of $624.50

Complete this table that compares the costs. Deposits in USD

Deposit: 0 | 80.00 | 100.00 | 300.00 | 550.50 | 986.00 | 2,000.00 | 5,000.00

Bank A: $3.75 | $4.63 | 

Bank B: 0 |

Bank C: 0 |

Write down a formula to calculate the cost of a deposit at Bank A

Answer 1

Calculate 1.1% of: $550 $986

1.1% of $550 = $5.50 + $0.55 = $6.05

1.1% 0f $986 = $9.86 + $0.986 = $10.85 (rounded up to the nearest penny)

Calculate the bank charges of bank B for a deposit of: $96 $345 $525.90

For a $96 deposit, bank B charges $0.58.

For a $345 deposit, bank B charges $0.58 x 4 = $2.32.

For a $525.90 deposit, bank B charges $0.58 x 6 = $3.48.

What does bank C charge for a deposit of $624.50?

For a deposit of $624.50, bank C charges $1,15 x 7 = $8.05

Complete this table that compares the costs. Deposits in USD

Deposit: 0 | 80.00 | 100.00 | 300.00 | 550.50 | 986.00 | 2,000.00 | 5,000.00

Bank A: $3.75 | $4.63 | $4.85 | $7.05 | $9.81 | $14.60 | $25.75 | $58.75

Bank B: 0 | $0.58 | $1.74 | $3.48 | $5.80 | $11.60 | $29.00

Bank C: 0 | $1.15 | $3.45 | $6.90 | $11.50 | $23.00 | $57.50

Write down a formula to calculate the cost of a deposit at Bank A

For a deposit amount of D dollars, the formula is:

$.011 x D + $3.75.