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Juliette [100K]
3 years ago
14

Checking accounts at a local bank carry an average balance of $3,000. The bank turns over its balance 6 times a year.

Business
1 answer:
SIZIF [17.4K]3 years ago
5 0

Answer:

$1500

Explanation:

The average cash is $3000 which is turned over 6 six times a year.

In other words average cash that flowed through the bank on monthly basis is computed thus:

average monthly cash=(average cash *rate of cash turnover)/12months

                                      =($3000*6)/12months

                                       =$1,500.00

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