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pochemuha
3 years ago
6

After reading the new account insert in his monthly​ statement, Tony Mercadante determined that the FDIC considers a joint accou

nt as a separate depositor. He and his wife Cynthia have three accounts at ABC Bank​ & Trust, one joint account with a balance of ​$60 comma 09960,099 and two individual accountsminus−his has a ​$120 comma 712120,712 balance and hers has a ​$253 comma 629253,629 balance. What amount of FDIC coverage do Tony and Cynthia have on their​ accounts?
Business
1 answer:
yarga [219]3 years ago
5 0

Answer: Please refer to Explanation

Explanation:

According to the Federal Deposit Insurance Corporation, the limit to the amount a person can be insured for is, $250,000 per depositor, per insured bank.

That means that Tony's account at a balance of $120,712 is covered completely as it is well below $250,000.

Their Joint account is also completely covered at $60,099.

Cynthia however does not have complete coverage as her bank account exceeds to the coverage limit by $3,629 which will not be covered.

Should be noted that should she transfer this excess to the joint account then she should be fully covered.

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3 years ago
What is 1,000 yen in the usa
Ostrovityanka [42]
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A process cost system would be used for all of the following products except computer chips. motion pictures. chemicals. soft dr
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<h3>What is process costing?</h3>

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Motion pictures cannot be mass produced which is why they cannot use process costing, Every motion picture is unique and so something more specific is needed to apportion their cost.

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1 year ago
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7 0
3 years ago
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