Beginning in January of last year, Carl made deposits of $120 into his account on the 15th of each month for several consecutive months and then made withdrawals of $50 from the account on the 15th of each of the remaining months of last year. There were no other transactions in the account last year. If the closing balance of carl's account for May of last year was $2600, what was the range of the monthly closing balances of Carl's account last year?
(1) Last year the closing balance of Carl's account for April was less than $2625
(2) Last year the closing balance of Carl's account for June was less than $2675.
Can someone please explain to me how to solve this question. I'm having a hard time understanding the question. Now even of one deposits $120 on the 15th of every month for a year the balance by the end of the year would be $1440 much less than $2600 as per the question, let alone withdrawals!!! So is it that he already had some money in the account??
Your input would be deeply appreciated.
- HK
(1) Last year the closing balance of Carl's account for April was less than $2625
(2) Last year the closing balance of Carl's account for June was less than $2675.
Can someone please explain to me how to solve this question. I'm having a hard time understanding the question. Now even of one deposits $120 on the 15th of every month for a year the balance by the end of the year would be $1440 much less than $2600 as per the question, let alone withdrawals!!! So is it that he already had some money in the account??
Your input would be deeply appreciated.
- HK
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