Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

26. From an analysis on its deposits, a bank determines that account processing and other operating expenses con the bank $4.45 per month. The bank

image text in transcribed
26. From an analysis on its deposits, a bank determines that account processing and other operating expenses con the bank $4.45 per month. The bank has also determined that non-operating expenses on its deposits are $1.15 per month. It has also decided that it was a profit of 0.45 on its deposits. What monthly fee should the bank charge on its deposit accounts? A. 56.05 B. 55.60 C. 55.15 D. $445 27. If you deposit $1,000 into a certificate of deposit that quotes you a 55% APY. how much will you have at the end of year? A. $1,050.00 B. 51.055.00 C. $1,550,00 D. S1,005,50 28. A bank quotes an APY of 8%. A small hosiness that has an account with the bank had $2,500 in their account for half the year and $5,000 in their account for the other half of the year. How much in total interest earnings did the business make during the year? A $300 B. $200 C. 5400 D. $150 29. A customer makes a savings deposit for 60 days. During that time he cams Sil in interest and maintains an average daily balance of S1,500. What is the annual percentage yield on this savings account? A 0.73% B. 4.32% C. 454% D. 4.78% 30. A bank expects to raise $20 million in new money if it pays a deposit rate of 7% 560 million in new money if it pays a deposit rate of 7.5% S100 million in new money if it pays a deposit rate of 8% and 5120 in new money if it pays a deposit rate of 85%. The bank expects to eam 9.5% on all money that it receives in new deposits What is the marginal cost of deposits if the bank uses their deposit rate from 75%8967 A 11% B. 8.75% C. 7.75% D.7% ******** *****

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Politics Of Internal Auditing

Authors: Dr. Larry Rittenberg, Patty Miller

1st Edition

0894139053, 978-0894139055

More Books

Students also viewed these Accounting questions

Question

1. Make sure you can defend the grade in the first place.

Answered: 1 week ago

Question

What is meant by planning or define planning?

Answered: 1 week ago

Question

Define span of management or define span of control ?

Answered: 1 week ago

Question

What is meant by formal organisation ?

Answered: 1 week ago

Question

What is meant by staff authority ?

Answered: 1 week ago