Question
XYZ bank offers a $2500 minimum balance investment savings account paying 4 per cent annual interest, and there are no service charges as long
XYZ bank offers a $2500 minimum balance investment savings account paying 4 per cent annual interest, and there are no service charges as long as the customer maintains the minimum balance. The customer maintains a balance of $5000, and averages 750 cheques per year. Each cheque has a processing cost to the Fl of $0.20. What is the annual gross interest return on this account to the customer?
Step by Step Solution
3.27 Ratings (107 Votes)
There are 3 Steps involved in it
Step: 1
To calculate the annual gross interest return on the investment savings account we need to follow ...
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
Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
