Ask Question
20 December, 15:40

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

+1
Answers (1)
  1. 20 December, 18:38
    0
    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.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “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 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers