Ask Question
24 September, 19:11

2. If the interest rate on a savings account is 0.02%, 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? $5,000 $50 $500 $55,000

+4
Answers (1)
  1. 24 September, 22:22
    0
    If the savings rate is 0.02%, we can easily solve for the amount of money needed to annually generate the amount to cover the $9.99 fee. We structure the equation as: $9.99 = 0.0002*B, where B is the balance. Dividing to solve for be, we get $49950, and the closest value to this of those given is $55,000.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “2. If the interest rate on a savings account is 0.02%, approximately how much money do you need to keep in this account for 1 year to earn ...” in 📘 Social Studies if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers