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3. Suppose you haven't paid attention to the balance in your checking begin to overdraw...

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Accounting

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3. Suppose you haven't paid attention to the balance in your checking begin to overdraw the account. Assume you had $200 in your account on Friday morning and make the following charges over the weekend: Friday $100 Com Ed $150 Book Store $15 Pizza Hut $20 ATM Saturday $10 IHOP $35 Mobil Sunday $85 Woodman's $20 AMC Theater Your bank charges a $5 overdraft fee for each item (up to four per day) if your ac- count is overdrawn. There is also a consecutive-day overdraft fee of $5 per day for each day your account is overdrawn after the first day. a. If the charges go through in the order listed, calculate your balance at the end of each day. CYCLE 1 WRAP-UP 153 b. If you could decide on the order for the charges to clear, in which order would you like them to be processed? c. Suppose you notice the problem first thing on Saturday and transfer $150 from your savings to your checking account. Will you avoid overdrawing the account on Saturday

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