What Is the Average Implicit Interest Rate on a $100

question 42

Multiple Choice

What is the average implicit interest rate on a $100 000 account if the bank's average management costs are $2500 and annual fees average $1750?

• A) 2.50 per cent
• B) 1.75 per cent
• C) 0.75 per cent
• D) -0.75 per cent

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Definitions:

Legislative Branch

The branch of government responsible for creating and enacting laws, typically consisting of two houses in a bicameral system.

Executive Leadership

The top management or leadership roles within an organization, responsible for strategic decision-making and organizational direction.

Sand Creek Massacre

A tragic event in 1864 in which a Colorado militia attacked and destroyed a peaceful village of Cheyenne and Arapaho, killing and mutilating scores of people.

Cheyenne Tribesmen

Members of the Cheyenne, a Native American people known for their history as nomadic hunters and their involvement in the resistance to westward expansion of the United States.