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bazaltina [42]
3 years ago
6

The bank is considering paying interest to customers carrying daily checking account balances in excess of a certain amount. If

the bank does not want to pay interest to more than 4% of its checking account customers, what is the minimum daily balance on which it should be willing to pay interest? (Round your answer to the nearest dollar)
Business
1 answer:
olya-2409 [2.1K]3 years ago
5 0

Answer:

If the amount is 1 for example,

And the bank does not want to pay more than 4%, then the amount will be,

4/100 ×1= 0.04

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3. Suppose we have an investment of $10,000 that is earning 2.1% interest compounded continuously. How long would it take to tri
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It will take an approximate of 52 years to triple the initial investment.

The formula for Future value is <em>A = Pe^(rt)</em>

<u></u>

<u>Given Information</u>

Triple amount

Rate = 2.1%

3 = e^(.0.021t)\\ln(3) = 0.021t\\t = ln(3)/0.021\\t = 1.09861228867 / 0.021\\t = 52.314870889\\t = 52.31

Therefore, it will take an approximate of 52 years to triple the initial investment.

See similar solution here

<em>brainly.com/question/19649471</em>

6 0
2 years ago
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HACTEHA [7]

Answer:

traditional interaction.

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