OXLilDevilXO
Answered

Discover the answers you need at Westonci.ca, where experts provide clear and concise information on various topics. Our platform connects you with professionals ready to provide precise answers to all your questions in various areas of expertise. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

You want to open a new checking account and can deposit $150 dollars into the account to open it. You also plan on writing
about 6 to 8 checks a month from the account. Which of the following banks would you choose to open the account with?
Why?
Bank A charges a $6 per month fee when the balance is below $500.00, there are no check fees.
Bank B has no monthly fee and charges 50 cents for each check over three.
Bank C charges a $3 per month fee and charges 25 cents for each check you write.

Sagot :

autumnpete22

Answer:

 So you deposit $150 in January and 10% more as each month passes by, which if you count, that would be 7 months. When it comes to compound interest, the formula for it is P(1 + r)^t. That means r = interest rate, P = principal, and t = time. In this case, we add 1 to 10% in decimal for. 10% is 0.1 in decimal form. 1 + 0.1 is 1.1. Now, compound 1.1 to the 7th power, because you repeat this 7 times. 1.1^7 is 1.9487171. Don't delete the decimal from your calculator. Now, multiply that decimal by 150 to get the new amount. When you do, you get 292.307565 or 292.31 when rounded to the nearest hundredth. You deposit $292.31 in August.

Explanation:

We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.