Question

Dennis and Rhonda are married with two boys, Blake and Chase. They have the following accounts with the following balances at their local bank: Dennis (single account) $300,000 Rhonda (single account) $100,000 Dennis & Rhonda (joint account) $400,000 Rhonda & Blake (joint account) $100,000 How much of all of their accounts will be insured by the FDIC?

Answer 1

Answer:

$850000

Explanation:

Dennis ( SINGLE ACCOUNT )  = $300000

Rhonda (single account ) = $100000

Dennis and Rhonda ( joint account ) = $400000

Rhonda and Blake (joint account ) = $100000

The FDIC will insure individual accounts up to the tune of $250000 and also shares of each individual in every joint account will also be insured as well

From Dennis single account  : $250000 is insured

From Rhonda single account : $100000 is insured

from Dennis share in the joint account with Rhonda : $200000 is insured

likewise Rhonda's share which is also : $200000

Rhonda and Blake shares from their joint account will be insured as well : $10000

Total insured amount by FDIC = 250000 + 100000 + 200000 +200000 +100000 = $850000