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5 May, 12:16

If the interest rate on a savings account is 0.018%, approximately how much money do you need to keep in this account for 1 year to earn enough interest to cover a single $9.99 Below-Minimum-Balance Fee?

$55,555

$55

$555

$5,555

+2
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  1. 5 May, 12:29
    0
    In this question, the interest rate is 0.018% and you need to have $9.99 interest. That mean, you need to divide the target interest value with the interest rate. The calculation would be:

    interest = bank account * interest rate

    $9.99 = bank account * 0.018%

    bank account = $9.99 / 0.018% (don't forget the % mean 1/100)

    bank account = $55.500

    Assuming that the $9.99 value is $9.9999 ... then the answer would be $55.555
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