First National Bank requires a minimum balance of $1000 on its interest-earning checking accounts. Account holders are paid 1.50 percent on the average balance if the balance stays above the minimum all month. If you normally have an average balance of $2200, what is the annual opportunity cost of keeping the money in a First National checking account instead of a savings account that pays 3.50 percent? $44.00 $24.00 $33.00 $42.00
First National Bank requires a minimum balance of $1000 on its interest-earning checking accounts. Account holders are paid 1.50 percent on the average balance if the balance stays above the minimum all month. If you normally have an average balance of $2200, what is the annual opportunity cost of keeping the money in a First National checking account instead of a savings account that pays 3.50 percent? $44.00 $24.00 $33.00 $42.00
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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First National Bank requires a minimum balance of $1000 on its interest-earning checking accounts. Account holders are paid 1.50 percent on the average balance if the balance stays above the minimum all month. If you normally have an average balance of $2200, what is the annual
$44.00
$24.00
$33.00
$42.00
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