If you deposit $1,234.16 in your checking account each month, how much will you have deposited at the end of the year?

$14,809.92  

Explanation:

A checking account is an account with a bank that does not carry interest rate but allows the owner of the account to make deposit and withdraw from the account at any time without any prior notice to the bank. Therefore, it is a very liquid account from which money can be withdrawn using automated teller machines, checks, and others.

Another names for the account include transactional accounts, demand accounts and current accounts.

Instead of enjoying interest on the deposit, the holder pays bank charges to the bank for the service rendered to him by the bank that allows him withdraw or save at any time.

Since the account to does carry any interest rate, the amount that will have been deposited monthly for 12 months starting from January to December can be calculated as follows:

Amount deposited for 12 months = monthly deposit multiply by 12

Amount deposited for 12 months = $1,234.16 * 12 = $14,809.92.

I wish you all the best.

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