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17 December, 23:23

2. If the interest rate on a savings account is 0.018%, approximately how much money do you need to keep in this account for 1 year to earn enough interest to cover a single $9.99 Below-Minimum-Balance Fee?

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  1. 17 December, 23:30
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    The interest from an investment is calculated through the equation,

    I = P x i

    Where I is the interest, P is the principal amount and i is the interest rate.

    P = I / i

    Substituting the known values,

    P = ($9.99) / (0.018/100) = $55,500

    The answer to this item is therefore approximately $55,500.
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Home » Business » 2. If the interest rate on a savings account is 0.018%, approximately how much money do you need to keep in this account for 1 year to earn enough interest to cover a single $9.99 Below-Minimum-Balance Fee?
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