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

Question

Mathematics

Serenity

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

Answers (1)

Know the Answer?

Roach · Answer 1

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

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

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