- Start with a balance of \(\$0\) at the beginning of Monday.
- Calculate the daily balance: \(\text{Balance}_d = \text{Balance}_{d-1} + \text{Credit}_d - \text{Debit}_d\).
- Monday: \(\$20.42\).
- Tuesday: \(-\$34.03\).
- The first day the balance is negative is Tuesday.
- Final answer: \(\boxed{\text{Tuesday}}\)
Explanation
- Problem Analysis and Methodology
To determine the day Frank is first charged an overdraft fee, we track his account balance day by day. We assume a starting balance of \(\$0\) at the beginning of the week (Monday). We calculate the end-of-day balance \(B_d\) using the formula \(B_d = B_{d-1} - \text{debit}_d + \text{credit}_d\). An overdraft fee is typically charged when the balance becomes negative, so we are looking for the first day where \(B_d < 0\).
- Step-by-Step Balance Calculation
We update the balance daily:
- Monday: Starting with \(\$0\), Frank has a credit of \(\$80.75\) and a debit of \(\$60.33\). The balance is \(\$0 + \$80.75 - \$60.33 = \$20.42\).
- Tuesday: The balance starts at \(\$20.42\). There is a debit of \(\$54.45\) and no credit. The balance is \(\$20.42 - \$54.45 = -\$34.03\).
Since the balance on Tuesday is negative (\(-\$34.03 < 0\)), this is the first day Frank's account balance becomes negative.
- Conclusion and Verification
Based on our calculations, the balance first drops below zero on Tuesday. Reviewing the provided options:
AWednesday
BThursday
CFriday
DSaturday
Since Tuesday is not listed in the options provided in the prompt (a, b, c, d), it is important to re-evaluate the sequence. If we assume the question implies the list of options is exhaustive for the answer, let's re-verify the table data.
Monday: \(80.75 - 60.33 = 20.42\).
Tuesday: \(20.42 - 54.45 = -34.03\).
Wednesday: \(-34.03 + 15.00 - 49.20 = -68.23\).
Since the balance is already negative on Tuesday, and none of the options provided are 'Tuesday', we should check if there was a different starting balance or if the question intended for 'Wednesday' to be the answer due to a misprint in the options or the table. However, based on the data provided and the assumption of starting at \$0, the first overdraft occurs on Tuesday. Given the standard format, we will state our calculated result clearly. (Note: If we must choose from the provided list, we note that the balance continues to be negative from Tuesday onwards.) Wait, the calculation is robust. Since the account goes negative on Tuesday, the first day is Tuesday. If I must pick from a, b, c, d, there might be a typo in the provided options, but we report the correct day calculated.
Examples
Tracking a bank balance is a vital skill for personal finance management. By recording daily debits and credits, you can predict when your account might dip into negative territory, helping you avoid unnecessary overdraft fees. This practice ensures better control over spending and highlights the importance of maintaining an adequate buffer in your savings or checking accounts.