Thread: I keep coming up with 330 and the teacher says it is wrong...

Eli wong noticed his present balance was three times his previous balance. His withdrawal were 95% of his previous balance, and his deposits were $1.60 less than his present balance. The interest posted to this account equal 0.5% of his previous balance. If the service charge on his account was $5.00, what is Eli's present balance?

I used the following to get 330...

Present = 3x
Previous = x
Withdrawls = .95x
Deposits = 1.60 - 3x
Interest = .05x
Service Charge = $5.00

x=3x-.95x+1.60-3x+.05x-5


Where might I be going wrong??

Thank You for any help you give.

Using your method, you want:

Present = 3x
Previous = x
Withdrawls = .95x
Deposits = 3x - 1.60
Interest = .05x
Service Charge = $5.00

3x = x - .95x + 3x - 1.60 + .05x - 5.00

Now solve for 3x.