Question

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?

Answer 1

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Answer 2

Answer:

Explanation:

Question didn't mention that interest rate 0.02 % per day / per week / per month / per 6 month / per annum.

Assuming if interest rate is 0.02 % per annum . and we know, any Bank give us simple interest .

so, r = 0.02 % , T = 1 year , P = ?

SI = $ 9.99 ≈ $10

SI = P × R × T/100

$10 = P × 0.02 × 1/100

P = $ 50,000

so, we need to keep in this account ≥ P = $50,000