Question
eBook Chapter 4 Critical Thinking Case 1 Lian Chen's Savings and Banking Plans Lian Chen is a registered nurse who earns $3,250 per month after
eBook Chapter 4 Critical Thinking Case 1 Lian Chen's Savings and Banking Plans Lian Chen is a registered nurse who earns $3,250 per month after taxes. She has been reviewing her savings strategies and current banking arrangements to determine if she should make any changes. Lian has a regular checking account that charges her a flat fee per month, writes an average of 18 checks a month, and carries an average balance of $795 (although it has fallen below $750 during 3 months of the past year). Her only other account is a money market deposit account with a balance of $4,250. She tries to make regular monthly deposits of $50-$100 into her money market account but has done so only about every other month. Of the many checking accounts Lian's bank offers, here are the three that best suit her needs.
Lian's bank also offers CDs for a minimum deposit of $500; the current annual interest rates are 3.5% for 6 months, 3.75% for 1 year, and 4% for 2 years.
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started