Franklin's Bank Statement Showed a Balance of $2,592

question 44

Essay

Franklin's bank statement showed a balance of $2,592.58. There were 2 ATM fees of $3.00 and $2.50. He had made three outstanding deposits not recorded by the bank for $115, $619.78, and $45.90. The outstanding checks were in the amounts of $23.89, $515.78, and $19. What is the adjusted bank balance?

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Definitions:

Investment

Applying resources, typically financial, in order to gain income or profit.

Portfolio

An aggregation of financial instruments such as company shares, debt securities, tangible commodities, available cash, and cash-like resources, including mutual funds and ETFs.

Perfectly Positively Correlated

A situation where two variables move in the same direction at the same rate, represented by a correlation coefficient of +1.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how spread out the values in a data set are.