Maggie Wants to Open a Checking Account That Will Be

question 93

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.

Recognize various management practices and their impacts on business success.

Identify the organizations and standards involved in financial reporting globally.

Discern the roles and activities involved in financing, investing, and operating within a business.

Distinguish between different types of accountants and their specific services.

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Definitions:

Core Selves

The essential or most integral aspects of an individual's identity.

Identity Theorists

Identity Theorists in philosophy argue that mental states and brain states are exactly the same, in direct opposition to dualism.

Self-Identity

The perception or recognition of one's characteristics, values, and beliefs that define who they are as an individual.

Essential Self

The characteristics that make a person that particular person.