Use of Financial Calculator TI BA II Plus Required

question 43

Multiple Choice

Use of Financial Calculator TI BA II Plus required. A bank chequing account charges a service fee of $12 per month. What would be the rate of interest you would need to earn from the bank on a $1000 deposit annually to cover the service charges?

• A)12 percent
• B)12.5 percent
• C)11.5 percent
• D)13.5 percent

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Definitions:

Direct Taxes

Taxes levied directly on individuals' or entities' income or wealth, such as income tax and property tax.

Social Security Tax

A tax levied on both employers and employees to fund the Social Security program, which provides benefits to retirees, the disabled, and children of deceased workers.

Direct Taxes

Taxes levied directly on an individual's or organization's income or wealth, such as income tax or property tax.

Tax Revenue

The income that is gained by governments through taxation from individuals and businesses.