Deposits pp. 196-198 5-1 SECTION. Click to edit Master text styles Second level Third level Fourth...

Deposits pp. 196-1985-1SECTIONSECTION

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Copyright © Glencoe/McGraw-Hill MBA, Section 5-1, Slide 2 of 14

5-1

Warm - UpWarm - Up• Add or Subtract• 1) 98.93 – 20.00 = 3) 692.57 – 35.40 =

• 2) 31.50 + 42.45 = 4) 40.46 + 18.32 =


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Section ObjectiveSection ObjectiveComplete:

• a savings account deposit slip

Compute

• total deposit


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5-1Understanding the Williams Sisters Understanding the Williams Sisters

Jaydene has explained to her sister that a savings account actually earns money for the account owner. “The bank takes all the money people put into it and invests it by making mortgages loans, car loans, buying government securities, and loaning it to other banks. It earns money for the bank, and the bank shares some of that extra money with its customers.”


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If you deposited $100 into a savings account with 2.3 percent interest, what would be your total balance at the end of the year?


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savings account

A special bank account for storing money for future use.

deposit

Money put into a bank account.

Key Words to KnowKey Words to Know


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Total Deposit = (Currency + Coins + Checks) – Cash Received

FormulaFormula


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Gustavo Barrera has a check for $145.58 and a check for $47.51. He also has 14 one-dollar bills. He would like to receive $20 in cash and deposit the rest of the money in his savings account.

What is the total deposit?

Example 1Example 1


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Step: Compute the total deposit.

(Currency + Coins + Checks) – Cash Received

($14.00 + $145.58 + $47.51) – $20.00 =

$207.09 – $20.00 = $187.09

Example 1 AnswerExample 1 Answer


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Robert Cassidy wants to deposit the following into his savings account: 28 one-dollar bills, 8 five-dollar bills, 24 quarters, 35 dimes, 90 pennies, a check for $29.34, and a check for $124.19. He wants to receive a fifty-dollar bill in cash.

How much will he deposit?

Example 2Example 2


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Step: Compute the total deposit.

Currency: $28 + (8 × $5) = $28 + $40 = $68

Coins: (24 × $0.25) + (35 × $0.10) + $0.90 =

$6.00 + $3.50 = 0.90 = $10.40

Total deposit: $68.00 + $10.40 + $29.34 +$124.19 – $50.00 = $181.93

Example 2 AnswerExample 2 Answer


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Naomi Greenberg fills out a deposit slip for her savings account. She deposits a check for $445.96. She also has $215.44 in currency and $23.17 in coins.

What is her total deposit?

Practice 1Practice 1


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$684.57

Practice 1 AnswerPractice 1 Answer


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Rafael Valderez deposits checks for $26.27 and $19.53 in his savings account. He also deposits 138 one-dollar bills, 62 five-dollar bills, 81 ten-dollar bills in currency and 60 quarters, 97 dimes, 59 nickels, and 42 pennies in coins.

What is his total deposit?

Practice 2Practice 2


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$1,331.87

Practice 2 AnswerPractice 2 Answer

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Deposits pp. 196-198 5-1 SECTION. Click to edit Master text styles Second level Third level Fourth...

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