Multiple Choice
A DI offers a $500 minimum balance NOW account paying 5.5 percent annual interest. The account has a service charge of $0.05 per check, and processing costs per check are $0.15. The customer maintains a balance of $1,000, and averages 150 checks per year. What is the annual gross interest return on this account to the customer?
A) $22.50.
B) $70.00.
C) $15.00.
D) $55.00.
E) $7.50.
Correct Answer:
Verified
Correct Answer:
Verified
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