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Gnesinka [82]
3 years ago
11

if the interest rate on a savings account is 0.018%, approximately how much money do you need to keep in this account for 1 year

to earn enough interest to cover a single $9.99 Below-Minimum-Balance Fee?
Business
1 answer:
scZoUnD [109]3 years ago
7 0
A = $9.99, the amount needed after 1 year 
r = 0.018% = 0.00018, interest rate
n = 12, compoundings per year
t = 1, one year duration

Let P =  required balance at the beginning of the year.
Then
P(1+ \frac{r}{n} )^{nt} = A
P(1 + 0.00018/12)¹² = 9.99
1.00018P = 9.99
P = $9.988 ≈ $9.99

Answer: $9.99

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