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What is the annual opportunity cost of a chequing account that requires a $ 2 , 0 0 0 minimum balance to avoid service charges?

What is the annual opportunity cost of a chequing account that requires a $

2, 000

minimum balance to avoid service charges? Assume an interest rate of

3

percent. If the service charges were $

5.95

a month, what would be the best plan of action?

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