Maggie Wants to Open a Checking Account That Will Be

question 39

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 monthly minimum checking balance falls to about $350 on an average. 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.
See 4-4: Maintaining a Checking Account.

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Definitions:

Divergent Thinking

A thought process or method used to generate many creative ideas by exploring many possible solutions, often in a spontaneous, free-flowing manner.

Final Topic

The ultimate subject or theme that has been chosen for study or discussion.

Creativity

The ability to produce original, diverse, and valuable ideas or solutions.

Nonconformity

Nonconformity refers to the refusal to align with established norms, rules, or laws within a society or group.