Maggie Wants to Open a Checking Account That Will Be

Essay

Maggie wants to open a checking account that will be the least expensive given her normal financial transactions.She typically writes 15 checks a month and uses an ATM 35 times a month.Her minimum checking balance falls to about $350 in an average month.Which of the following accounts would be least expensive for Maggie? (Show all your work.)
Account A:
∙No monthly fee is charged if a minimum balance of at least $300 is maintained.
∙A $5.00 fee is charged in any month the minimum balance falls below $300.
∙An ATM fee of $0.10 per transaction is charged on all transactions.
Account B:
∙No monthly fee is charged if a minimum balance of at least $500 is maintained.
∙A $3.00 fee plus $0.10/check is charged in any month the minimum balance falls below $500.
∙There is no ATM fee on transactions.