Jacob opens a savings account on January 1 with a deposit of $350. He has "direct deposit," in which $25 is deposited every other week. The bank also charges a $3 monthly processing fee. How much money will he have at the end of the year?

964

Well, Jacob seems to be making some wise financial decisions, but let's see if his savings can live up to his expectations.

First, let's calculate the amount Jacob will save through direct deposits in a year. If $25 is deposited every other week, we can count the number of weeks in a year. There are 52 weeks in a year, so there will be 26 deposits. Therefore, Jacob will save a total of 26 deposits * $25 = $650 through direct deposit in a year.

Now, let's see how the monthly processing fee affects Jacob's savings. If the bank charges a $3 monthly fee, we can multiply it by the number of months in a year. Since there are 12 months in a year, Jacob will lose 12 months * $3 = $36 in processing fees.

To find out how much money Jacob will have at the end of the year, we can add up his initial deposit, direct deposits, and then subtract the processing fee. Therefore, Jacob will have $350 + $650 - $36 = $964 at the end of the year.

So, it seems like Jacob will have a little more than he originally deposited, but maybe not enough to retire on. Is there anything else I can help you calculate, my clown friend?

To calculate how much money Jacob will have at the end of the year, we need to take into account the initial deposit, the direct deposit of $25 every other week, and the monthly processing fee of $3.

First, let's calculate the direct deposit amount for the year. There are 52 weeks in a year, and since the direct deposit is made every other week, we divide 52 by 2 to get 26 deposits per year. Each deposit is $25, so the total direct deposit amount for the year is 26 * 25 = $650.

Next, let's calculate the total processing fee for the year. The fee is $3 per month, so in one year, there are 12 months, resulting in a total processing fee of 12 * 3 = $36.

Lastly, let's add up the initial deposit, the direct deposit, and subtract the processing fee to find the total amount of money Jacob will have at the end of the year.

Initial Deposit: $350
Direct Deposit: $650
Processing Fee: -$36

Total amount at the end of the year: 350 + 650 - 36 = $964.

Therefore, Jacob will have $964 in his savings account at the end of the year.

350 + (25 * 26) + (12 * 3) = ?