You have $6,500 to deposit. If you deposit the money in a savings account at your local bank, you will earn 1.45% annual interes
t and will be able to make ATM withdrawals at your bank's ATMs. If you deposit the money in an online savings account, you will earn 2.25% interest, but you will be charged $4 every time you make an ATM withdrawal. Assuming that your ATM withdrawals do not reduce the amount of interest you earn, how many ATM withdrawals must you make in a year for the local savings account to be a better deal than the online savings account?
a.
5
b.
12
c.
14
d.
10
a.
5
b.
12
c.
14
d.
10
2 answers:
You might be interested in
We need to solve for x, we need to get x alone
Lets start by removing -5
Add 5 on both sides
Now to isolate x , we need to remove the square from x
To remove square , take square root on both sides
square and square root will get cancelled
So and