Question

What is the annual opportunity cost of a checking account that requires a $300 minimum balance to avoid service charges? Assume an interest rate of 3 percent. (Input the amount as a positive value.)​

Answer 1

The annual opportunity cost of a checking account that requires a $300 minimum balance to avoid service charges is $9. Read below about the analysis of the annual opportunity cost of a checking

What is the annual opportunity cost of a checking account that requires a $300 minimum balance to avoid service charges?

The calculation goes thus;

Annual opportunity cost = Minimum balance × Interest rate

= $300 × 0.03

= $9

Therefore, the correct answer is as given above

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