Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr. Scout has an individual share savings account, a share draft account and an IRA, each at a separate branch. The combined balance of these

Mr. Scout has an individual share savings account, a share draft account and an IRA, each at a separate branch. The combined balance of these accounts is $500,000. It breaks down this way: ($200,000 in share savings) + ($50,000 in share draft) + ($250,000 in an IRA). How much NCUA insurance does he have on his money? A. 250,000, because the NCUA covers only the total of all individual accounts B. $750,000, because the NCUA covers accounts at each branch C. $500,000, because the NCUA covers accounts at one institution, not at each of its branches

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

Step: 3

blur-text-image

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

Intermediate Accounting

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

10th Edition

324300980, 978-0324300987

More Books

Students also viewed these Accounting questions

Question

=+d) This model fits 90% of the data points exactly.

Answered: 1 week ago