NBT bank of america on Mohawk Street
I believe this shouldn't affect him since he is 75 years old, past the 65 retirement age. So the $50K from this IRA can be withdrawn tax free. If he moved the funds to a checking account BEFORE 65, then it would be taxable. Check with a financial advisor.
Utility is your answer. Quality could be your answer as well.
Though, by definition:
Utility - u<span>seful, profitable, or beneficial.</span>
Principal Amount P = $ 48000
Rate of interest r = 6% = 0.06
Time interval t = 7
Formula for Interest I = P x r x t => I = 48000 x 0.06 x 7 => I = 2880 x 7
Total Interest for seven years would be $20,160
