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?
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Answered by
2
your question didn't mention that interest rate 0.02 % per day / per week / per month / per 6 month / per annum.
well, I assume 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
hence, option (A) is correct. according to my point of view .
well, I assume 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
hence, option (A) is correct. according to my point of view .
Answered by
1
Answer:
p×0.02×1/100=5000
p=5000
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