For the first time customers, a bank will open an account with $25 included. This bank also charges a monthly $2.95 service fee on the account. Write an equation that shows the balance B after m months, assuming no other activity is made on the account. Find the balance in the account after 8 months.
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B = 25 - (2.95 * 8)
1.4
To find the balance in the account after a specific number of months, we can use the equation B = P - F*m, where B is the balance, P is the starting balance, F is the monthly service fee, and m is the number of months.
In this case, the starting balance is $25 (P = 25) and the monthly service fee is $2.95 (F = 2.95).
Plugging these values into the equation, we get: B = 25 - 2.95*m.
Now, let's find the balance after 8 months. Substituting m = 8 into the equation, we have:
B = 25 - 2.95*8
B = 25 - 23.6
B = 1.4
Therefore, the balance in the account after 8 months will be $1.40.
To find the balance in the account after a certain number of months, we can use the equation:
B = $25 - ($2.95 × m)
In this equation, B represents the balance in the account after m months. The initial balance is $25, and since the bank charges a monthly service fee of $2.95, we subtract this fee multiplied by the number of months from the initial balance.
To find the balance after 8 months, plug in m = 8 into the equation and solve:
B = $25 - ($2.95 × 8)
First, calculate the product of the service fee and the number of months:
($2.95 × 8) = $23.60
Now, substitute the value back into the equation:
B = $25 - $23.60
Perform the subtraction:
B = $1.40
Therefore, the balance in the account after 8 months would be $1.40.