Samuel withdraws $5,000 each month from his bank account to finance his new business. His account had an initial balance of $325,000.
After how many months will his balance be $175,000 if he makes no deposits to the account?
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Hello everyone, the answer to this question is 30 months.
325-5x = 175
thank you student
Samuel has $58.23 in his bank account. He withdraws $39.78. How much is in his bank account now?(1 point)
To determine the number of months it will take for Samuel's balance to reach $175,000, we need to calculate how many times he withdrew $5,000 and subtract that number from the initial balance.
1. Calculate the difference between the initial balance and the target balance:
$325,000 - $175,000 = $150,000
2. Determine how many times Samuel withdrew $5,000 to finance his business:
$150,000 รท $5,000 = 30
Based on this calculation, Samuel would need to make 30 monthly withdrawals of $5,000 from his account to reach a balance of $175,000. Therefore, it would take him 30 months to reach his desired balance if he makes no deposits during this period.