At first glance, this problem might be overwhelming so try approaching it slowly by doing these steps:
Step 1: Start by understanding what the problem is really asking.
You might notice that the problem is just a percentage problem, with a twist! If you still don't see it, the problem is just asking what the base should be given a percentage and the amount.
Step 2: Recall the concepts relevant to the question.
We can identify a single formula that will be important in getting the answer:
Step 3: Apply the concept to the context of the problem.
You'll see that we already have the percent from the interest rate which is 0.02% and the amount from the below-minimum-balance fee which is $9.99.
There goes the little twist: you have to manipulate the equation to get the base. Dividing both sides of the equation by the percent we'll have:
Step 4: Evaluate to get the answer to the problem.
We simply substitute the given numbers and evaluate.
Answer: You need $49,950 in the account to cover the Below-Minimum-Balance Fee from your interest.
Step 1: Start by understanding what the problem is really asking.
You might notice that the problem is just a percentage problem, with a twist! If you still don't see it, the problem is just asking what the base should be given a percentage and the amount.
Step 2: Recall the concepts relevant to the question.
We can identify a single formula that will be important in getting the answer:
Step 3: Apply the concept to the context of the problem.
You'll see that we already have the percent from the interest rate which is 0.02% and the amount from the below-minimum-balance fee which is $9.99.
There goes the little twist: you have to manipulate the equation to get the base. Dividing both sides of the equation by the percent we'll have:
Step 4: Evaluate to get the answer to the problem.
We simply substitute the given numbers and evaluate.
Answer: You need $49,950 in the account to cover the Below-Minimum-Balance Fee from your interest.