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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