An FI Offers a $2500 Minimum Balance Investment Savings Account

question 36

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

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Definitions:

Due-Process Policies

Policies that formally lay out the steps an employee may take to appeal the employer's decision to terminate that employee.

Employment-At-Will Contracts

Legal agreements that allow either the employer or the employee to terminate employment at any time, for any reason, or for no reason at all, provided it's not illegal.

Leading Indicators

Early signs or metrics that predict future performance or trends in the economy, markets, or other systems.

Estimating Labor Surplus

The process of determining when there are more workers available than there are positions for them, often leading to unemployment or underemployment.