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In Mathematics / College | 2025-07-04

Anna gets an overdraft fee if her balance at the end of the day is negative. On which day or days does Anna get an overdraft fee?

I. Wednesday
II. Thursday
III. Friday

A. I only
B. I and II
C. II and III
D. III only

Asked by shandaym2

Answer (1)

Calculate the balance for Wednesday: 145.86 − 24.75 = 121.11 .
Calculate the balance for Thursday: 53.35 − 33.80 = 19.55 .
Calculate the balance for Friday: 31.60 − 45.77 = − 14.17 .
Anna gets an overdraft fee only on Friday, so the answer is III only ​ .

Explanation

Understanding Overdraft Fees Let's analyze Anna's bank balance to determine when she incurs an overdraft fee. An overdraft fee occurs if her balance goes negative at the end of the day. We need to examine the deposits and withdrawals for each day to see when this happens.

Calculating Daily Balances We are given the deposits and withdrawals for Wednesday, Thursday, and Friday. We need to calculate the balance at the end of each of these days, assuming an initial balance of 0. If the final balance is negative, Anna gets an overdraft fee.

Wednesday's Balance For Wednesday, the deposit is $145.86 and the withdrawal is 24.75. T h e ba l an ce a tt h ee n d o f W e d n es d a y i sc a l c u l a t e d a s : 145.86 − 24.75 = 121.11 $
Since 0"> 121.11 > 0 , Anna does not get an overdraft fee on Wednesday.

Thursday's Balance For Thursday, the deposit is $53.35 and the withdrawal is 33.80. T h e ba l an ce a tt h ee n d o f T h u rs d a y i sc a l c u l a t e d a s : 53.35 − 33.80 = 19.55 $
Since 0"> 19.55 > 0 , Anna does not get an overdraft fee on Thursday.

Friday's Balance For Friday, the deposit is $31.60 and the withdrawal is 45.77. T h e ba l an ce a tt h ee n d o f F r i d a y i sc a l c u l a t e d a s : 31.60 − 45.77 = − 14.17 S in ce -14.17 < 0$, Anna gets an overdraft fee on Friday.

Conclusion Based on our calculations, Anna only gets an overdraft fee on Friday. Therefore, the correct answer is III only.


Examples
Understanding overdraft fees is crucial in personal finance. For example, if you have a checking account and you spend more money than you have available, you might incur an overdraft fee. Banks charge these fees when they cover transactions despite insufficient funds. Knowing how to calculate your balance and avoid overspending can save you money and help you manage your finances effectively. This is especially important when budgeting and tracking expenses to ensure you don't overdraw your account.

Answered by GinnyAnswer | 2025-07-04

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