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?

$55,555

$55

$555

$5,555

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Mathematics

6 March, 18:32

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?

$55,555

$55

$555

$5,555

+5

Answers (1)

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Dominick Coleman · Answer 1

In this question, the interest rate is 0.018% and you need to have $9.99 interest. That mean, you need to divide the target interest value with the interest rate. The calculation would be:

interest = bank account * interest rate

$9.99 = bank account * 0.018%

bank account = $9.99 / 0.018% (don't forget the % mean 1/100)

bank account = $55.500

Assuming that the $9.99 value is $9.9999 ... then the answer would be $55.555

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?$55,555$55$555$5,555

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?

$55,555

$55

$555

$5,555