17. rakims goal is to have at least $500 in his checking account at the end of the year. the table shows his…

17. rakims goal is to have at least $500 in his checking account at the end of the year. the table shows his activity for the month of january. will rakim make his goal if the month of januarys activity is representative of how much he will save and spend each month? explain.\n| transaction | amount |\n|--|--| \n| debit card purchases | $500 |\n| atm withdrawals | $750 |\n| deposits | $1,300 |

17. rakims goal is to have at least $500 in his checking account at the end of the year. the table shows his activity for the month of january. will rakim make his goal if the month of januarys activity is representative of how much he will save and spend each month? explain.\n| transaction | amount |\n|--|--| \n| debit card purchases | $500 |\n| atm withdrawals | $750 |\n| deposits | $1,300 |

Answer

Explanation:

Step1: Calculate monthly net - change

Net change per month = Deposits - (Debit Card Purchases + ATM Withdrawals) Net change per month = $1300-(500 + 750)$ Net change per month = $1300 - 1250=50$

Step2: Calculate annual balance

Annual balance = Initial balance (assume 0) + Net change per month×12 Annual balance = $0+50\times12 = 600$

Answer:

Yes, Rakim will make his goal. The annual balance based on January's activity pattern is $600$, which is greater than his goal of $500$.