# Deposits

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## Deposits

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1. SECTION 4-1 pp. 166-168 Deposits

2. Compute: total checking account deposit Section Objective

3. Key Words to Know deposit (p. 166) Money put into a bank account. automatic teller machine (ATM) (p. 166) A bank machine that allows you to deposit or withdraw money electronically using a card.

4. Key Words to Know personal identification number (PIN) (p. 166) A personal number on a bankcard that gives you access to your bank account electronically.

5. Formula Total Deposit = (Currency + Coin + Checks) – Cash Received

6. Fleet Footed Finances p. 166 What’s the purpose of a deposit slip?

7. Example 1 Margaret Miller makes a deposit at an ATM. She has a check for \$235.42 and a check for \$55.47. She would like to receive \$40 in cash and deposit the rest in her checking account. What is her total deposit?

8. Example 1 Answer Step: Compute the total checking account deposit. (Currency + Coin + Checks) –Cash Received (\$235.42 + \$55.47) – \$40.00 = \$250.89

9. Example 2 Manuel Romeo has checks for \$435.20, \$271.19, and \$327.96. He has cash consisting of 15 one-dollar bills, 7 five-dollar bills, 3 ten-dollar bills, 24 quarters, 5 dimes, 15 nickels, and 14 pennies. He would like to keep \$75 in cash. What is his total deposit?

10. Example 2 Answer Step: Compute the total deposit. Currency: \$15 + (7 ×\$5) + (3 ×\$10) = \$80 Coins: (24 ×\$0.25) + (5 ×\$0.10) + (15 ×\$0.05) + \$0.14 = \$7.39 Checks: \$435.20 + \$271.19 + \$327.96 = \$1,034.35 (\$80 + \$7.39 + \$1,034.35) – \$75 = \$1,046.74

11. Practice 1 Find the total deposit. \$82.63 + \$14.28 + \$155