A college student is looking at her monthly checking account records. On September 1, 2008, her checking account held a balance of $1,050. At the end of March 2009, her checking account held a balance of $800. What is the monthly rate of change for the student’s checking account over the period September 1, 2008 through March 31, 2009?
(1050 - 800) / 7 = $35.71 decrease per month
100 (35.71 / 1050) = ______% decrease
To find the monthly rate of change for the student's checking account, we need to calculate the difference in balance between September 2008 and March 2009, and divide it by the number of months between those two dates.
Step 1: Calculate the difference in balance:
The initial balance in September 2008 was $1,050, and the balance at the end of March 2009 was $800. To find the difference, we subtract the initial balance from the final balance:
$800 - $1,050 = -$250
Step 2: Calculate the number of months between the two dates:
The student wants to find the monthly rate of change. September 1, 2008, to March 31, 2009, includes a span of 7 months.
Step 3: Calculate the monthly rate of change:
To find the monthly rate of change, we divide the difference in balance by the number of months:
-$250 / 7 = -$35.71 (rounded to two decimal places)
Therefore, the monthly rate of change for the student's checking account over the period September 1, 2008, through March 31, 2009, is approximately -$35.71.