Imagine You Have Worked Every Summer for the Last Four

Multiple Choice

Imagine you have worked every summer for the last four years in order to save money to buy a car. You have $23,000 deposited in a savings account at Scotiabank. One day, you turn on the news and discover that the stock market is crashing and people are rushing to banks to withdraw all of their money. What should you do?

A) panic: rush to your bank to withdraw your $23,000
B) do not panic: even though your bank is not CDIC insured, you know you will get your money
C) do not panic: your bank is CDIC insured and you will receive a cheque for $23,000 if your bank fails
D) panic: even though your bank is CDIC insured you are guaranteed only $10,000 and will not be able to buy a car