1. You are the owner of a newly established firm and would want to decide what type of checking account to open. You plan to keep a P500 minimum balance in the account for emergencies and plans to write roughly 80 checks per month. The bank charges P10 per month and P0.10 per check charge for a standard business checking account with no minimum balance. You also have the option of a premium business balance that requires a P2,500 minimum balance but has no monthly fees or per check charges. If your cost of funds is 10%, which account should you choose?