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08-10-2017
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If the interest rate on a savings account is 0.018% approximately how much money do you need to keep in this account for one year to earn enough interest to cover a single $9.99 below minimum balance fee

Respuesta :

derdelano derdelano

21-10-2017

The bank yearly interest of 0.018% is equivalent to $9.99.
Solution:
interest = 0.018%= 0.00018
minimum balance fee = $9.99
present savings account = minimum balance fee/ interest rate
present savings account = $55,500
I will have to keep $55,500 dollars in the account just to cover the minimum balance fee of $9.99.

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