Mr. Smith had just finished paying his bills for the month and had $110 left in

Question

Mr. Smith had just finished paying his bills for the month and had $110 left in his checking account. He went to the grocery store and spent $85 on groceries. However, he had forgotten an outstanding check he'd mailed to cover his subscription to the New York Times for $40. How much money does Mr. Smith have in his bank account now? dollars The next day Mr. Smith's bank charged him a $35 overdraft fee and the New York Times charged him an extra insufficient funds fee of $20 (even though Mr. Smith's bank paid the bill). How much money does Mr. Smith need to deposit to cover these fees and end up with a positive balance of $50 in his account? dollars

Explanation / Answer

(1) Money Mr. Smith has now = $110 - $85 - $40 = - $15

(2) If required deposit be D, then

- $15 - $35 - $20 + D = $50

D - $70 = $50

D = $50 + $70 = $120

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