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Assume Melanie will consider a non-interest-bearing checking account with a minimum balance of $500 to avoid a monthly maintenance fee. Also, assume the market APY

Assume Melanie will consider a non-interest-bearing checking account with a minimum balance of $500 to avoid a monthly maintenance fee. Also, assume the market APY for a savings account is 3.50%. What is the opportunity cost of always

maintaining $500 in her new checking account?

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