Joshua Franz earned $4600 during the summer and put $3500 of the money in a newly opened savings account for use during the school year. It is now November 4th and Joshua went to the bank to withdraw $1000. The teller informed him that there was only $200 in the account. When Josua protested, the teller informed him that there had been three ATM $1100 withdrawals from the account on the last day of the month in August, September and October. Joshua typically neglects to open the statements he had received on the third day of each month. When he got home he could not find the ATM card he had received when he opened the account in mid-August and recalled that he had found his car door open in his parking lot in late August but had thought nothing was taken. When he opened the statements he saw the record of each of the withdrawals. He went immediately back to the bank to tell them of the loss. How much money will Joshua lose because of these fraudulent transactions?
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