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3 July, 21:44

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

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  1. 3 July, 23:44
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    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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