In 2007, the FDIC’s insurance limit was $100,000 per person per bank. If Sam had a $150,000 savings account and $80,000 checking
account at Bank J, a $95,000 money market account at Bank K, and a $200,000 savings account at Bank L, how much of Sam’s money was FDIC insured? a. $295,000 b. $300,000 c. $375,000 d. $525,000
Alright, let's look at each individual bank. For each bank, only up to 100k is insured.
Bank J = 150,000+80,000 -> 230,000 but only 100,000 is insured. Bank K = 95,000 -> 95,000 insured. Bank L = 200,000 -> 100,000 insured. Adding those together... 100,000 + 95,000 + 100,000 = 295,000 So, A is the correct answer.
