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Deposits

SECTION 5-1. pp. 196-198. Deposits. Complete: a savings account deposit slip Compute total deposit. Section Objective. Key Words to Know. savings account (p. 196) A special bank account for storing money for future use. deposit (p. 196) Money put into a bank account. Formula.

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Deposits

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  1. SECTION 5-1 pp. 196-198 Deposits

  2. Complete: a savings account deposit slip Compute total deposit Section Objective

  3. Key Words to Know savings account (p. 196) A special bank account for storing money for future use. deposit (p. 196) Money put into a bank account.

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

  5. Understanding the Williams Sisters p. 196 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?

  6. Example 1 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?

  7. Example 1 Answer Step: Compute the total deposit. (Currency + Coins + Checks) – Cash Received ($14.00 + $145.58 + $47.51) – $20.00 = $207.09 – $20.00 = $187.09

  8. Example 2 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?

  9. Example 2 Answer 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

  10. Practice 1 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?

  11. Practice 1 Answer $684.57

  12. Practice 2 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?

  13. Practice 2 Answer $1,331.87

  14. END OF SECTION 5-1 Deposits

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