Multiple Choice
An FI offers a $2500 minimum balance investment savings account paying 4% annual interest, and there are no service charges as long as the customer maintains the minimum balance.The customer maintains a balance of $5000, and averages 750 cheques per year.Each cheque has a processing cost to the FI of $0.15.What is the annual gross interest return on this account to the customer?
A) $112.50
B) $100.00
C) $312.50
D) $212.50
Correct Answer:
Verified
Correct Answer:
Verified
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