Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(zoom in) Barking and Deposits: The Smith Family has some questions about banking and deposits Maggie wants to open a checking account that will be

(zoom in)
image text in transcribed
Barking and Deposits: The Smith Family has some questions about banking and deposits Maggie wants to open a checking account that will be the least expensive, given her normal financial transactions. She typically writes 30 checks a month and uses an ATM 32 times a month. Her minimum checking balance falls to about $400 in an average month. Account A No monthly fee is charged if a minimum balance of at least $300 is maintained. A $3.00 fee is charged in any month the minimum balance falls below $300 An ATM fee of $0.20 per transaction is charged on all transactions Account B: No monthly fee is charged if a minimum balance of at least $500 is maintained. A $2.00 fee plus $0.15/check is charged in any month the minimum balance falls below $500. There is no ATM fee on transactions. Questions: (1) Based on the above information, which of the account would be the least expensive for Maggie? Account (answer A or in this blank) Fil numbers in the following blanks. Round to the second digit after the decimal. Do not put dolor sign or thousand separators in this blank) The cost of Account Ais $ per month. The cost of Account is $ per month Sam has $6,000 to deposit in a money market fund earning 2%. If he adds $3,000 to that account annually, how much will be accumulated in 20 years? (Pound to the second digit after the decimal and do not put dollar sign or thousand separators in this blank.) Aloe's checkbook balance shows $799.50. The bank statement shows $888.41. The bank paid her $1.50 in interest. She issued Checks 1501 (570), 41507 (382.21), and 1511 (3320), but they are not shown on the statement. A service charge of 3 was levied by the bank. She made an 88 deposit yesterday that is not on the statement. What is the reconciled balance for her? Fut the number in this blank and round to the second digitafter the decimal. Do not put dolor sign or thousand separators in this blank.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

B

Answered: 1 week ago