Bank X offers a checking account with a minimum balance of \($300\), but does not charge fees nor give interest. Bank Y’s minimum balance is \($50\), but it charges a fee of

\($25\) if you have more than 35 transactions per month, including deposits.

Both banks pay 2 percent interest on regular savings accounts and 3 percent on certifi cates of deposit with terms of 24 months.

1. Describe

(a) Someone for whom Bank A’s offer is the best deal. (b)

Someone for whom Bank B’s offer is the best deal.

2. Compute by using spreadsheet software bank statements that compare returns from Bank A and Bank B for the people profiled.