1. You want to open a checking account with a $500deposit. You estimate you will write 10 checks amonth and use an ATM from other banks abouttwice a week. Bank A charges $1 per check if youdrop under a minimum balance of $100, but you canuse another bank's ATM without a fee. Bank B hasfree checking but charges $1 each time you useanother bank's ATM. Calculate the difference in feesbetween the two banks over the course of one yearfor the following scenarios:a. Your balance slips below $100 every other month.b. Your balance slips below $100 every other month,but you are now able to pay a bill online each month,dropping the number of checks you have to write tonine monthly. You also find you are only using theother bank's ATM about once a week.c. You maintain a minimum balance of $500, writethree checks a week, and use another bank's ATMonly about once a month.

Solution- (A) Bank A Fees Bank B Fees 10 checks/month balance <$100 for 6 months $1…

1. You want to open a checking account with a $500 deposit. You estimate you will write 10 checks a month and use an ATM from other banks about twice a week. Bank A charges $1 per check if you drop under a minimum balance of $100, but you ca use another bank's ATM without a fee. Bank B has free checking but charges $1 each time you use

1. You want to open a checking account with a $500 deposit. You estimate you will write 10 checks a month and use an ATM from other banks about twice a week. Bank A charges $1 per check if you drop under a minimum balance of $100, but you ca use another bank's ATM without a fee. Bank B has free checking but charges $1 each time you use

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The U.S. Chamber of Commerce provides a free monthly bank reconciliation template at business.uschamber.com/tools/bankre_m.asp. Paula Hein just received her bank statement notice online. She wants to reconcile her checking account with her bank statement and has chosen to reconcile her accounts manually. Her checkbook shows a balance of $698. Her bank statement reflects a balance of $1,348. Checks outstanding are No. 2146, $25; No. 2148, $58; No. 2152, $198; and No. 2153, $464. Deposits in transit are $100 and $50. There is a $15 service charge and $5 ATM charge in addition to notes collected of $50 and $25. Reconcile Annie's balances. BANK RECONCILIATION Annie's checkbook balance Bank balance Add: Add: Subtotal Subtotal Deduct: Deduct: Subtotal Reconciled balance Reconciled balance aw 4 of 15
Please correct answer and don't use hand rating
Alek has been a credit card user for several years. He always pays his monthly balance in full on time. He can therefore expect the credit card company to: a. offer him a higher credit line b. offer him a lower credit line c. remove his annual fees d. increase his annual fees e. waive charges for ATM withdrawals [ don't give chatgpt answer]
4. Stan has a bank account that earns him 0.05% each year. He wants to know how much money he will have in 5 years from a deposit made today. Inputs Process Outputs Pseudo Code: 1. Desk Check
As a jewelry store manager, you want to offer credit, with interest on outstanding balances paid monthly. To carry receivables, you must borrow funds from your bank at a nominal 10%, monthly compounding. To offset your overhead, you want to charge your customers an EAR (or EFF%) that is 3% more than the bank is charging you. What APR rate should you charge your customers? Do not round intermediate calculations. Round your answer to two decimal places. %
Selecting a Bank. Julie wants to open a bank account with $43. Julie estimates that she will write 23 checks per month and use her ATM card at the home bank. She will maintain a monthly balance of $500. Which bank should Julie choose? Hillsboro Bank First National South Trust Bank Sun Coast Bank ATM charges: Home bank Free Free Free Free Other bank 5 free, then $1.15 per use $1.40 per use $1.40 per use $1.40 per use Checking: Minimum deposit $100 $28 $1 $1 Minimum balance required to avoid fees* N/A N/A $500 N/A Monthly fees $8.66 $10.11 $15.88 $3.61 Check-writing charges 15 free, then $0.85 per check 10 free, then $0.85 per check Unlimited Each check $0.43 * N/A means monthly fees apply irrespective of account balances. Based on the information given in the chart, which bank should Julie…
If you are attempting these questions ...then solve for both images
6. Austin's bank has a $45 overdraft fee. On Friday morning Austin had $345.78 in his checking account. Friday night a payment to AT&T was automatically withdrawn from his account in the amount of $210.15. Over the weekend Austin withdrew $100 cash and made purchases with his debit card in the amounts of $65.34, $24.99, $6.75 and $42.87. What was Austin's balance on Monday morning? ASUS
Carland, Inc., has a project available with the following cash flows. If the required return for the project is 8.1 percent, what is the project's NPV? Year Cash Flow -$260,000 68,700 92,600 118,800 71,700 2 3 4 -12,200 Multiple Choice $17,147.72 $37,612.50 $21.082.94 $15,004.25 $29,347.72
None
Your neighbor goes to the post office once a month and picks up two checks, one for $13,000 and one for $3,000. The larger check takes 2 days to clear after it is deposited; the smaller one takes 4 days. Assume 30 days per month. 1. What is the total float for the month? 2. What is the average daily float? 3a. What is the average daily receipts? 3b. What is the weighted average delay?
Suppose that with the advent of ATMs, a person withdraws money once every two days. Further, suppose this person spends $10 per day. Calculate the amount of money this person withdraws each time she goes to the bank.

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