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# Beth's bank charges a service fee on a regular checking

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Director
Joined: 01 Aug 2008
Posts: 732
Beth's bank charges a service fee on a regular checking [#permalink]

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26 Jan 2010, 14:18
1
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BOOKMARKED
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Difficulty:

15% (low)

Question Stats:

72% (01:40) correct 28% (00:30) wrong based on 133 sessions

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Beth's bank charges a service fee on a regular checking account for each month in which the balance on the account falls below $100 at any time during the month. Did the bank charge a service fee on Beth's regular checking account last month? (1) During last month, a total of$1,000 was withdrawn from Beth's regular checking account.

(2) At the beginning of last month, Beth's regular checking account balance was $500. [Reveal] Spoiler: OA Math Expert Joined: 02 Sep 2009 Posts: 39702 Re: Beth's bank charges a service fee on a regular checking [#permalink] ### Show Tags 27 Jan 2010, 06:47 ugimba wrote: Beth's bank charges a service fee on a regular checking account for each month in which the balance on the account falls below$100 at any time during the month. Did the bank charge a service fee on Beth's regular checking account last month?

(1) During last month, a total of $1,000 was withdrawn from Beth's regular checking account. (2) At the beginning of last month, Beth's regular checking account balance was$500.

I guess answer should be E, as no information is given about the depositing.
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Director
Joined: 01 Aug 2008
Posts: 732
Re: Beth's bank charges a service fee on a regular checking [#permalink]

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27 Jan 2010, 11:45
Bunuel wrote:

I guess answer should be E, as no information is given about the depositing.

thanks for the response, but can we assume/take deposit into consideration? I was confused wheather to consider deposit or not, so I decided not to and picked different answer, which was wrong. The given asnwer is E though..

can you write more about such kind of problems ..? this is GPrep question though..
Director
Joined: 28 Jul 2011
Posts: 538
Location: United States
GPA: 3.86
WE: Accounting (Commercial Banking)
Re: Beth's bank charges a service fee on a regular checking [#permalink]

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02 Jan 2012, 06:33
1
KUDOS
Beth's bank charges a service fee on a regular checking account for each month in which the balance on the account falls below 100$at any time during the month, did the bank charge a service fee on Beth's regular checking account last month? 1. During last month, a total of 1000$ was withdrawn from Beth's regular checking account.

2) At the beginning of the month, the account started with $500. Well, that's helpful, but that by itself doesn't tell us anything about withdrawals. So #2 is insufficient. #1 and #2 tell us what she started the month with and how much was withdrawn during the month, but we don't know if there were deposits made during the course of the month. So I'd answer E. Intern Joined: 17 Oct 2011 Posts: 11 Re: Beth's bank charges a service fee on a regular checking [#permalink] ### Show Tags 03 Jan 2012, 21:33 question stem: anytime the bal falls below 100, it triggers a service fee. (1) 1000 withdrawn. INSUFF as we do not know the balance as well as if any amount is deposited. (2) Opening balance 500. INSUFF as we do not know withdrawal. (Together) opening balance = 500 and withdrawal = 1000 but we still dont know if any deposit was made to counter the withdrawal. INSUFF. So E _________________ We will either find a way, or make one. Please consider giving kudos if you find my post hepful Manager Joined: 29 Jul 2011 Posts: 107 Location: United States Re: Beth's bank charges a service fee on a regular checking [#permalink] ### Show Tags 10 Jan 2012, 14:41 1 This post was BOOKMARKED 1. No info on starting balance, so don't know if$1000 withdrawal resulted in <$100 in the account. Insuff. 2. Beginning balance =$500. No info in withdrawl. insuff.

Together, beginning = $500, withdrawal =$1000, but what about deposit? E it is.
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Intern
Joined: 17 Jan 2014
Posts: 8
Re: Beth's bank charges a service fee on a regular checking [#permalink]

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16 Feb 2014, 21:22
Bunuel wrote:
ugimba wrote:
Beth's bank charges a service fee on a regular checking account for each month in which the balance on the account falls below $100 at any time during the month. Did the bank charge a service fee on Beth's regular checking account last month? (1) During last month, a total of$1,000 was withdrawn from Beth's regular checking account.

(2) At the beginning of last month, Beth's regular checking account balance was $500. I guess answer should be E, as no information is given about the depositing. Hi Bunuel, The official answer is E. This is my reasoning. Please advise if I am wrong. Thank you. (1) What we only know is how much money is subtracted from the account, but we don’t know the beginning balance, so it is INSUFFICIENT to know whether Beth need pay for service fee. (2) What we only know is the beginning balance of the account, but we don’t know the transactions during the month, so it is also INSUFFICIENT. (3) What we know is the a) beginning balance and b) total withdrawal, but please note that the total withdrawal doesn’t mean that the amount is subtracted at ONE time, and we don’t know how many times and the amount Beth made the deposit, either. So with (1) and (2) it is still INSUFFICIENT. BSchool Forum Moderator Joined: 28 Nov 2014 Posts: 912 Concentration: Strategy Schools: Fisher '19 (M) GPA: 3.71 Re: Beth's bank charges a service fee on a regular checking [#permalink] ### Show Tags 14 Dec 2016, 02:39 chetan2u Do we have to assume that there will be a deposit? Or is it like since we cannot assume if there was a deposit or not, we pick choice E to show this un certainity? Re: Beth's bank charges a service fee on a regular checking [#permalink] 14 Dec 2016, 02:39 Similar topics Replies Last post Similar Topics: 2 An attorney charged a fee for estate planning services for a certain 1 14 May 2017, 01:27 6 A health club charges an annual$10 renewal fee for all memb 13 27 Jul 2016, 01:54
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