Problem 4-9 Comparing Costs of Chequing Accounts [LO5] What is the net annual cost of the following chequing accounts? a. Monthly fee, $4.20; processing fee, 15 cents per cheque; cheques written, an average of 3 a month; $0.45 per debit transaction over the 20 debit transactions per month that are free with an average of 50 per month made. (Round your final answer to 2 decimal places. Omit the "\$" sign in your response.) Annual cost $ b. Interest earnings of 8 percent with a $500 minimum balance; average monthly balance, $600; monthly service charge of $20 for falling below the minimum balance, which occurs three times a year (no interest earned in these months). (Round your final answer to 2 decimal places. Omit the "\$" sign in your response.) Net cost $