You open a checking account. You are paid 5% interest on the average daily balance, but are
charged a $10 monthly charge. Assuming that interest is paid monthly (regardless of the
number of days in the month), calculate the average balance you must maintain to offset the
$10 monthly charge

Question

08-07-2024
Mathematics

Answered

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You open a checking account. You are paid 5% interest on the average daily balance, but are
charged a $10 monthly charge. Assuming that interest is paid monthly (regardless of the
number of days in the month), calculate the average balance you must maintain to offset the
$10 monthly charge

Sagot :

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