Middle School

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taylor has an online bank account that charges a fees of 2.3% on each deposit. what is the fee for a deposit of $62.50 each. round to the nearest cent.

Answer :

Final answer:

The fee for a deposit of $62.50 with a charge of 2.3% is $1.4375, which when rounded to the nearest cent, becomes $1.44. Taylor will be charged a deposit fee of $1.44 for her deposit.

Explanation:

The student wants to know the fee for a deposit of $62.50 when the bank charges a fee of 2.3% on each deposit. To calculate this fee, we use the formula: Deposit Fee = Deposit Amount × Fee Percentage. Here's how we do it step-by-step:

  1. Firstly, convert the percentage to a decimal by dividing it by 100. So, 2.3% becomes 0.023.
  2. Next, multiply the deposit amount of $62.50 by the decimal fee rate (0.023).
  3. The result of the multiplication will give us the fee charged on the deposit.
  4. Finally, we round the result to the nearest cent to get the fee amount that will be charged.

When we calculate 0.023 × $62.50, we get $1.4375. Rounded to the nearest cent, the fee for a deposit of $62.50 is $1.44.

Therefore, Taylor will be charged a deposit fee of $1.44 for her $62.50 deposit.

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Rewritten by : Jeany

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